Revolutionary B2B payments service to launch in Canada
On the heels of a successful launch in the United States and recently announced plans to expand into Europe and Latin America, Ariba®Pay™ is heading north. SAP Ariba, and its longstanding partner Discover Financial Services (NYSE: DFS), today announced that they are completing the process for rolling out the revolutionary B2B payments service in Canada, enabling buyers and sellers to settle funds with greater speed and accuracy than ever before. The solution will be on display next week at SAP Ariba Live, the premier business commerce event set to take place March 14-16 at The Cosmopolitan of Las Vegas.
Canadian businesses and consumers pass about four million cheques per day. For buyers, that means lots of paper and inefficiencies that cost their companies billions each year. For sellers, it means little visibility into when they will actually be paid, and what they are being paid for making it difficult to effectively manage cash and reconcile payments.
It’s a vexing problem on both sides of the equation. And one that SAP Ariba and Discover are uniquely positioned to help companies solve.
“By automating billing and settlement and digitizing the “pay” in procure-to-pay, AribaPay brings the same simplicity to B2B payments that consumers enjoy and effectively changes the game by enabling companies to drive a more efficient, effective process that creates benefits for all parties,” said Phil Beck, General Manager, AribaPay.
Adds Diane Offereins, President of Payment Services at Discover, “Discover’s trusted payments infrastructure enhances the innovation that AribaPay is bringing to Canadian businesses by offering a layer of flexibility and security to buyers and sellers who need fast and accurate settlement and reconciliation for business payments.”
Identified as the Most Disruptive and Best B2B Innovation, AribaPay has been used to process more than $40 billion in payments since its launch in July 2014. And companies around the world continue to embrace it.
"An efficient payment process can be a gateway to substantial savings and working capital flexibility," said Andrew Bartolini, Chief Research Officer, Ardent Partners. "And we see an increasing number of companies interested in solutions that can help fuel a simple, automated, and transparent approach -- all things that provide value to buyers and suppliers alike."