Goldman Sachs has teamed up with American Express for a technology upgrade to its nascent transaction banking business, as the US bank expands beyond its traditional Wall Street roots.

The US bank is collaborating with American Express for a cloud-based payments technology, it said in a 20 October statement. Goldman has been expanding its transaction banking unit, which includes processing payments for corporate clients, pitting itself against traditional players in this sector including Citigroup, JPMorgan and Bank of America, which handle billions of dollars in deposits and payments.