Source: American Express
American Express (NYSE: AXP) and SAP Ariba today announced that they have entered into a strategic multi-phased partnership designed to offer buyers and suppliers new payment and financing options on Ariba® Network, extending its value for joint large and global customers.
Sean Thompson, senior vice president, SAP Ariba Business Network & Ecosystem, and E-Bai Koo, executive vice president, Global Commercial Services at American Express, will share details of the news with the thousands in attendance at SAP Ariba Live, taking place at the Austin Convention Center, April 1-3.
As a network extension partner, American Express will leverage Ariba Network APIs to enable its virtual Card capabilities within the SAP Ariba process and platform to facilitate seamless commerce, secure payments, and easy reconciliation between businesses on a single platform. Through this new integration available later this year, businesses will have the opportunity to use their existing American Express® Corporate Cards to generate virtual Card payments, making it simple for customers to get started without the need to set up and maintain a separate standalone account.
“We are continuously looking for ways for our customers to conduct more business in a simple, intuitive and integrated manner. With over half of American Express’ largest global customers already using SAP Ariba to manage their expenses, this partnership has the opportunity to provide significant value for our joint customers,” said Koo. “We couldn’t be more excited about building a long-term partnership with SAP Ariba.”
The new benefits for buyers will include:
Improved operational efficiencies by eliminating the need to handle payments as a separate standalone process
Increased control by having the ability to set a payment amount and timing of each payment, as a result of token-based virtual access and usage controls
Improved working capital to manage cash conversion cycles
Improved reconciliation by providing greater payment status visibility and data enhancements
For suppliers, this partnership will also bring the following new benefits:
Increased speed of payment as a result of a more seamless process for buyers
Improved collections with reduced risk of fraud, as a result of token-based virtual access controls
Improved reconciliation through detailed virtual Card remittance information
“American Express’ unique integrated business model provides deep relationships with both buyers and suppliers. As a global leader in the payments space, they deeply understand the needs and pain points that businesses face throughout the supply chain cycle,” said Thompson. “Partnering with American Express as a new network extension partner - integrating virtual payment capabilities within Ariba Network - we’re able to deliver a true end-to-end procure-to-pay process to customers that changes the game in the corporate payments space.”
American Express and SAP Ariba plan to continue to provide additional digital solutions through this strategic partnership. To learn more, American Express Corporate customers should contact their designated American Express representative.