Goldman Sachs has launched a set of developers tools with open API that allows to embed banking and investing services into their products, according to the company’s press release. The development is Goldman’s bid to break into the $32 billion a year new industry managing cash for big corporations. Goldman aims to outsmart rivals by offering a unique approach to corporate bank accounts, asset management and cross-order payments.
- Goldman Sachs Developer will allow clients to connect directly into Goldman’s corporate platform and open accounts quickly and use the automated payment programs.
- The company’s approach, dubbed banking-as-a-service, is inspired by Amazon’s cloud business and could spur the growth of digital assets and seamless payments across consumer and corporate realms.
- Goldman’s move will broaden the bank’s revenue away from volatile trading and investment banking.
- The transaction banking development, launched in June to outside clients, has garnered $28 billion deposits and has over 200 clients.
Goldman Sachs stock is down with the market. GS: NYSE is down 2.39%
