SAP and Visa Collaborate to Digitize B2B Payments for Asia-Pacific Enterprises
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Key Takeaways
⇨ SAP and Visa have formed a strategic partnership to simplify and expedite business-to-business (B2B) payments in the Asia-Pacific region.
⇨ Businesses will be able to make immediate payments on SAP software platforms using Visa corporate cards, eliminating the need for navigating multiple payment methods.
⇨ Visa will utilize SAP BTP to channel commercial payments to all suppliers, regardless of their acceptance of card payments which will enable businesses to make payments easily and leverage cardholder privileges both locally and internationally.
SAP and Visa have announced a strategic collaboration aimed at simplifying and accelerating business-to-business (B2B) payments across a wide spectrum of businesses. Initially targeting the Asia-Pacific region, this innovative venture aims to integrate payments within the SAP environment via the SAP Business Technology Platform (SAP BTP). This move seeks to expedite the digitization of B2B payments across supply chains throughout the region.
In this strategic move, Visa and SAP will combine their expertise to introduce an embedded financial solution for the B2B market using SAP BTP. This solution will provide user-friendly B2B payment services to SAP customers, offering a lifeline to smaller businesses in Asia-Pacific which often struggle to digitize their B2B payment acceptance or to process commercial card payments. The platform will bring greater automation to payments, boosting efficiency in procurement by enabling secure payments with just a few clicks.
This joint venture with SAP marks an important shift towards enhancing the simplicity of B2B payments. It will facilitate immediate payment on SAP software platforms using Visa corporate cards, eliminating the need for businesses to navigate various vendor-accepted payment methods. The goal is to make B2B payments effortless, allowing businesses to allocate more time and resources to other areas.
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SAP BTP serves as a secure innovation hub, enabling Visa and SAP to address working capital shortfalls in the supply chain. As part of its Commercial and Money Movement Solutions suite, Visa will use SAP BTP to channel commercial payments to all suppliers, irrespective of whether they accept card payments. This will enable businesses using Visa cards to make payments easily and reap the benefits of their cardholder privileges both locally and internationally. This initiative will help eliminate the need for manual, time-consuming payment methods such as cash and cheques, thereby streamlining transaction processing and boosting cash flow for both payers and suppliers.
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