- New partnership will integrate procurement and payment to deliver true end-to-end experience
- Buyers will be able to take advantage of prompt payment discounts and flexible working capital, while suppliers will benefit from improved cashflow
- Users will also be offered personalised, data-led insights to help them make smarter payment and procurement decisions
Barclaycard Commercial Payments, part of Barclays Bank PLC, today announced a strategic partnership with SAP UK Limited. The partnership will see Barclaycard integrate its award-winning business-to-business (B2B) payment product, Precisionpay, into SAP® Ariba® solutions, the world’s largest B2B marketplace for modern business.
The integration, to become available later this year, will bring procurement and payment together in one place, Ariba Network, giving users a simple and seamless end-to-end procurement experience. The first Barclaycard product to launch within Ariba Network will be Precisionpay Bank Transfer, which combines the perks of card payments for buyers with the cost-effectiveness of bank transfers for suppliers.
With Precisionpay Bank Transfer, buyers will be able to pay suppliers much earlier in the procurement cycle, improving supplier relationships and allowing them to take advantage of any prompt payment discounts. Buyers could also benefit from access to flexible working capital. Instead of having to pay the supplier directly, Barclaycard could fund the payment, and then the buyer would typically have up to 56 days to pay the balance. From the supplier’s perspective, prompt payment improves cash flow, making the business more resilient.
In addition, customers of SAP Ariba solutions who use Precisionpay will benefit from access to data-led procurement insights powered by the powerful cloud solutions from SAP: SAP Cloud Platform and the SAP Analytics Cloud solution. These insights will help users make smarter payment and procurement decisions, with minimal impact or change to their own internal technical footprint.
Marc Pettican, Managing Director of Barclaycard Commercial Payments, said: “Since launching the UK’s first corporate credit card over 50 years ago, Barclaycard has been pushing the boundaries to create payment solutions that help make our clients more successful. In global procurement, payment has always been the part of the process that has created the most friction, so we’re really excited to be partnering with SAP to make B2B payments as simple and seamless as possible.”
Jens Amail, Managing Director UK and Ireland, SAP, commented: “Barclaycard is a long-term strategic partner for SAP and we’re taking this partnership to the next level by collectively redefining the corporate payments market with a highly innovative platform. The introduction of early settlement flexibility will truly revolutionise the industry and bring so much more value to Barclaycard customers.”
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Oliver Stevenson, Barclaycard, +44 (0)207 116 3837, email@example.com
Barclaycard is a leading global payment business that helps consumers, retailers and businesses to make and take payments flexibly, and to access short-term credit and point-of-sale finance. In 2017 we processed over £250bn in transactions globally. Barclaycard is a pioneer of new forms of payment and is at the forefront of developing viable contactless and mobile payment schemes for today and cutting-edge forms of payment for the future. We also partner with a wide range of organisations across the globe to offer their customers or members payment options and credit.
All credit products are subject to application and status.
Follow us on Twitter @BarclaycardNews
As the cloud company powered by SAP HANA®, SAP is the market leader in enterprise application software, helping companies of all sizes and in all industries run at their best: 77% of the world’s transaction revenue touches an SAP system. Our machine learning, IoT, and advanced analytics technologies help turn customers’ businesses into intelligent enterprises. SAP gives people and organizations deep business insight and fosters collaboration that helps them stay ahead of their competition. We simplify technology for companies so they can consume our software the way they want – without disruption. Our end-to-end suite of applications and services enable more than 413,000 business and public customers to operate profitably, adapt continuously, and make a difference. With a global network of customers, partners, employees, and thought leaders, SAP helps the world run better and improve people’s lives. For more information, visit www.sap.com.
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