Barclaycard Commercial Payments, part of Barclays Bank PLC, today announces a strategic partnership with SAP (UK) Limited, which will see Barclaycard integrate its award-winning B2B payment product, Precisionpay, into SAP Ariba, the world’s largest B2B marketplace for modern business.
The integration, which will 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 cashflow, making the business more resilient.
In addition, SAP Ariba customers using Precisionpay will benefit from access to data-led procurement insights, powered by SAP’s powerful cloud-based solutions: SAP Ariba, SAP Cloud Platform and SAP Analytics Cloud. 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, comments: “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.”