AribaPay comes to Europe and Latin America in partnership with First Data
SAP’s cloud-based cloud-based payment solution AribaPay for B2B merchants is being rolled out in Europe and Latin America in tie-up with commerce-enabling technology and solutions provider, First Data.
The solution will use SAP’s acquired B2B marketplace, Ariba Network. The latter was acquired by SAP in 2012, reportedly for for $4.3 billion.
SAP first introduced AribaPay in May 2013, in partnership with Discover Financial Services, a direct banking and payment services company.
Frank Bisignano, Chairman and CEO, First Data stated, “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.”
AribaPay eliminates paper transactions, providing better visibility into cash flow and producing rich remittance information that improves reconciliation processes for buyers and sellers. This structure helps and suppliers to complete the procure-to-pay process faster, easier and with greater visibility.
Using the service, buyers and sellers can:
- Exchange purchase orders, invoices and payments — all in a fast, secure, electronic environment
- Lower processing costs
- Receive richer remittance advice
- Reduce fraud risk
- Track and trace transactions
- Speed reconciliation and dispute resolution