SAP and First Data have announced plans to launch a business-to-business (B2B) payments service across Europe and Latin America. The service, called AribaPay, will work on the Ariba Network.
First Data, a commercial technology provider, and SAP, the enterprise application software firm, have teamed up with Ariba, a provider of Cloud-based trading applications and network.
According to the companies' statement, the electronic payments service will offer B2B payments to companies of all sizes. The statement added that more than US$40 billion in B2B payments have been made using AribaPay to date.
AribaPay will focus on improving the procure-to-pay process, using Ariba's Cloud-based applications and network. The statement from SAP and First Data claims that the new service will automate transactions and provide detailed remittance data, which could improve billing and settlement.
The service will enable buyers and sellers to:
- exchange purchase orders, invoices and payments;
- provide a fast, secure, electronic environment;
- lower processing costs;
- receive richer remittance advice;
- reduce fraud risk;
- track and trace transactions; and
- speed reconciliation and dispute resolution.
Frank Bisignano, chairman and CEO at First Data, said: “In combining First Data’s trusted global payments infrastructure with the unique insights and information-sharing capability of the Ariba Network, our companies can turn antiquated payment methods on their head.”
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