SAP and Goldman Sachs have announced that they have joined forces to make it easier for companies to do business with the millions of suppliers worldwide on Ariba Network, where more than US$3.2 trillion in commerce is transacted annually.
Goldman Sachs’ cross-border Global Payments capabilities will be available in select SAP Ariba solutions, which should make it simpler and less costly for buyers to pay foreign suppliers in local currencies.
“We continue to expand our portfolio of ecosystem partners to add more value for customers,” said Sean Thompson, executive vice president, Network and Ecosystem at SAP Procurement Solutions. “Partnering with Goldman Sachs Transaction Banking allows us to deliver more innovative financial solutions, starting with these cross-border payment capabilities, which is critically important for so many of our customers on Ariba Network doing business in the global economy today.”
“We put clients at the centre of this product to create a frictionless payment experience and provide competitive and transparent pricing,” said Hari Moorthy, global head of Transaction Banking at Goldman Sachs. “We are proud to partner with SAP to introduce this innovative yet simplified approach to making payments across the globe on Ariba Network.”
Benefits of this partnership and these capabilities for buyers and suppliers include:
- Streamlined process for paying foreign suppliers in local currencies at lower cost with competitive foreign exchange rates.
- Improved operational efficiency through easier reconciliation of payments to corresponding invoices.
- Real-time payment tracking, reducing payment-related supplier inquiries.
- Cost transparency on bank fees.
- Optimised payment routing offered by Goldman Sachs’ machine learning techniques.
- Reduced risk as a result of improved visibility and control over foreign exchange payments and currency exposures for stakeholders in procurement and treasury.
- Improved buyer-supplier relations with transactions conducted in each party’s preferred currency with minimal change management required.
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