SAP SE and Visa have announced they will be collaborating to digitalize business-to-business (B2B) payments, starting with Asia-Pacific enterprises. This collaboration aims to streamline and simplify B2B payments for businesses of all sizes.
Visa will embed payments into the SAP ecosystem through the SAP Business Technology Platform (SAP BTP), digitalizing and speeding up B2B payments across supply chains.
SAP BTP provides a secure innovation platform to allow Visa and SAP to help bridge working capital gaps in the Asia-Pacific supply chain. Under its suite of commercial and money movement solutions, Visa will deliver capabilities through to route commercial payments to all suppliers, whether or not they accept card payments.
Small to medium Asia-Pacific enterprises have previously lacked the resources to digitalize B2B payment and have been unable to accept commercial card payments.
With this collaboration, however, the B2B payment services will inject more automation into payments and help these enterprises make payments seamlessly and utilize their cardholder benefits both domestically and cross-border.
Visa and SAP aim to make purchasing easier and more secure for smaller businesses by additionally enabling payments to automate with just a few clicks.
This is the first time Visa and SAP have collaborated on any solution as they experiment with embedded finance in the B2B market through SAP BTP aiming to offer convenient B2B payment services to SAP customers in the region.
Stephen Karpin, Asia-Pacific regional president, Visa, said: “The movement of money is becoming increasingly digital, but the bulk of transformation has been focused on the consumer space.
“Our collaboration with SAP is an exciting step in making B2B payments simpler and more intuitive as organizations can make payments immediately on SAP software platforms with their Visa corporate cards, instead of having to leave their existing enterprise ecosystem and navigate the different payment methods that their vendors accept.
“B2B payments need to be intuitive and fuss-free, so organizations can maximize time and resources on other aspects of their businesses.”
