Barclaycard partners with SAP on corporate payments
Barclaycard Commercial Payments, part of Barclays Bank, has announced a strategic partnership with SAP UK. The partnership will see Barclaycard integrate its business-to-business (B2B) payment product, Precisionpay, into SAP Ariba solutions.
The integration, to become available later this year, will bring procurement and payment together in one place, Ariba Network, giving users a 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 cash flow, making the business more resilient.