Barclaycard and SAP are joining forces to bring procurement and payment for B2B organisations into a single solution. Called Precision Bank Transfer, buyers will use it to pay suppliers much sooner in the procurement cycle.
This should, according to the two companies, 'improve supplier relationships' and allow buyers to take advantage of any prompt payment discounts.
In a joint press release the two companies said they will be integrating Barclaycard's Precisionpay with SAP's Ariba. Precisionpay is Barclaycard's B2B payment product, while Ariba is a B2B marketplace. This will bring both procurement and payment into a single platform.
The new product will be called Precisionpay Bank Transfer, and is expected to launch 'later this year'. There is no word on specific dates.
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.”
SAP sees Barclaycard as a 'long-term strategic partner', and hopes that the new offering will take that partnership to the next level. “The introduction of early settlement flexibility will truly revolutionise the industry and bring so much more value to Barclaycard customers,” commented Jens Amail, managing director, SAP UK Limited and SAP Ireland Limited.
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