Barclaycard teams with SAP for precise corporate payments
Barclaycard will integrate its B2B payment product, Precisionpay, into SAP Ariba solutions.
Integration to become available later this year
There’s no specific date but the integration, to become available later this year, will bring procurement and payment together in one place, Ariba Network.
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.
Marc Pettican, managing director of Barclaycard Commercial Payments, says: “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, adds: “The introduction of early settlement flexibility will truly revolutionise the industry and bring so much more value to Barclaycard customers.”
With Precisionpay Bank Transfer, buyers will be able to pay suppliers “much earlier” in the procurement cycle. Buyers could also get access to flexible working capital.
For example, instead of having to pay the supplier directly, Barclaycard says it could fund the payment, and then the buyer would typically have up to 56 days to pay the balance.
In addition, customers of SAP Ariba solutions who use Precisionpay will get access to data-led procurement insights powered by the SAP Cloud Platform and the SAP Analytics Cloud solution.
