Business commerce network SAP Ariba and partner Discover Financial Services plan to roll out their business-to-business (B2B) AribaPay payments service in Canada. The solution will be on display next week at business commerce event SAP Ariba Live, which will be held March 14-16 at The Cosmopolitan of Las Vegas.
Commenting on the launch, SAP Ariba said that Canadian businesses and consumers pass about four million cheques per day and for buyers the resulting paper and inefficiencies cost their companies billions each year. For sellers, it means little visibility into when they will actually be paid, and what they are being paid for making it difficult to effectively manage cash and reconcile payments.
“By automating billing and settlement and digitising the “pay” in procure-to-pay, AribaPay brings the same simplicity to B2B payments that consumers enjoy and effectively changes the game by enabling companies to drive a more efficient, effective process that creates benefits for all parties,” said Phil Beck, general manager, AribaPay.
“An efficient payment process can be a gateway to substantial savings and working capital flexibility,” added Andrew Bartolini, chief research officer at supply management advisory firm Ardent Partners. “And we see an increasing number of companies interested in solutions that can help fuel a simple, automated, and transparent approach – all things that provide value to buyers and suppliers alike.”
AribaPay has been used to process more than US$40bn in payments since its launch in July 2014. Last month, SAP announced plans to partner with technology and software group First Data in rolling out the service to Europe and Latin America.
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