With an aim to build the newly-formed transaction-banking arm, The Goldman Sachs Group, Inc. GS has teamed up with Visa Inc. V to make cross-border payments and move money globally. This partnership seeks to enable faster and safer payments that would be more accessible to businesses and customers.The deal also aims to help clients with clearer near real-time visibility in their payment statuses, and availability of all necessary reconciliation and compliance data.Goldman’s clients can avail Visa B2B Connect, which is a corporate payment network permitting financial institutions to process high-value, cross-border payments in 97 markets. Visa B2B Connect is also devised to reduce the time spent on cross-border corporate payments by accommodating transactions from originator bank directly to the beneficiary bank, thereby aiding to streamline settlements.It helps boost visibility and predictability in transaction flows, giving clients a chance to track payment status from originator bank to destination bank in real time, while simplifying the reconciliation process and honing accuracy.Clients can also use Visa Direct Payouts, by which the bank can bring push-to-account functionality for lower value, high volume, cross-border Business-to-Small-Business and Business-to-Consumer (B2C) payouts, eradicating any complexity associated with managing multiple networks. Visa Direct Payouts bolsters Goldman Sachs’s payment options for its corporate clients, via a single connection to billions of endpoints in more than 90 markets.Goldman’s Transaction Banking clients can resume availing Visa’s solutions right away through their existing connections, whether through API, file or online web platform.Goldman’s partnership with Visa capitalizes on grounds of businesses increasingly diversifying their supply chains, and buying and selling goods overseas. This has caused the value of cross-border payments to ascend to more than $30 trillion annually, per consultancy Juniper Research.We believe, following this partnership, Goldman will be able to leverage on Visa’s capabilities to serve customers better. With the help of this platform, customers will be able to manage their cross-border business-to-business and B2C payments for high- and low-value payments in a more seamless manner than before, simplifying complexities and costs associated with the current systems and inefficient procedures.Shares of Goldman have rallied 59.8%, outperforming 10.4% growth recorded by Visa. Currently, both companies carry a Zacks Rank of 3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Image Source: Zacks Investment ResearchBanks have been fortifying their digital capabilities as demand for the same has been shooting up amid the pandemic. Global banks such as JPMorgan JPM and Bank of America BAC are investing heavily in technology upgrades to enhance digital experience for customers.More Stock News: This Is Bigger than the iPhone!It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report JPMorgan Chase & Co. (JPM): Free Stock Analysis Report The Goldman Sachs Group, Inc. (GS): Free Stock Analysis Report Bank of America Corporation (BAC): Free Stock Analysis Report Visa Inc. (V): Free Stock Analysis Report To read this article on Zacks.com click here.