This is the exchanges of Goldman Sachs where we discussed developments currently shaping markets industries in the global economy.

I'm Jake Stewart Global Head of Corporate Communications here at the firm.

Today we're joined by Hari Morthy, Globalhead of Transaction Banking here at Goldman Sachs.

Over the past two years, Hari has overseen the build out of an entirely cloud-based transaction

bank that's going to launch tomorrow, Tuesday, June 16th.

In this episode, we'll be talking about the opportunities in the transaction banking space,

what it's been like building the platform in-house, the impact of COVID-19 on accelerating banking technology

demand from corporates, and much, much more.

Hari, welcome to the program. Thank you, Jake. So let's start with just a little bit of

explanation. What is transaction banking? Why it's been slow to modernize in some respects?

Banking technology is pretty intuitive and transparent for consumers, but it's taken longer for

corporates to modernize. Why is that? That's a great question. So if you think about

transaction banking at its simplest possible level it's an ability for somebody to

bank to keep their deposits, make their payments, and get their receipts.

As you correctly say, this is one of the founding principles on how the modern banking had come

about.

All of the consumers use checking account and they set up their bill pay and they make the payments.

The difference between consumers and corporates is one that of complexity, right?

So each of us has a bank account and we probably, you know, get our

direct deposit from our salary and we pay out somewhere between 30 to 40 bills a

month. It's to our household, it is fairly simple and straightforward.

But if imagine a corporate having tens of hundreds of entities and hundreds and

...