Visa and SAP have partnered to digitize and speed up B2B payments in the Asia-Pacific (APAC) region.
With this collaboration, Visa payments will be embedded into SAP’s ecosystem of solutions for enterprises, the companies said in a Wednesday (June 28) press release.
The embedded finance solution will debut in Australia, India, Japan, Malaysia, Singapore, Thailand and Vietnam, according to the release. The companies plan to then expand it to other markets in the region.
“Our collaboration with SAP is an exciting step in making B2B payments simpler and more intuitive as organizations can make payments immediately on SAP platforms with their Visa corporate cards, instead of having to leave their existing enterprise ecosystem and to navigate the different payment methods that their vendors accept,” Visa Regional President of Asia Pacific Stephen Karpin said in the release.
PYMNTS research has found that embedded finance will move B2B transactions beyond the confines of the paper check and the paper invoice.
More than 80% of banks either offer or plan to offer clients the ability to use their own enterprise resource planning (ERP) systems to access accounts and make payments to suppliers or vendors, according to the “Embedded Finance Tracker®,” a PYMNTS and Galileo Financial Technologies collaboration.
With the new embedded finance solution enabled by the partnership of Visa and SAP, enterprises will be able to pay suppliers seamlessly, even if they don’t accept card payments, according to the press release.
The solution will help smaller businesses make B2B payments digitally and will help both buyers and suppliers manage their cash flow, the release said.
“Embedding Visa payment into the SAP ecosystem aims to scale and accelerate digital commerce, together empowering enterprises, from small businesses to government agencies and nonprofit organizations, to make secure payments with just a few clicks, transforming the last mile of procurement,” SAP Asia Pacific Japan President Paul Marriott said in the release.
This news comes about a month after SAP expanded its partnership with Google Cloud and introduced a comprehensive open data offering.
The new offering will allow SAP software data and non-SAP data to be combined on Google Cloud, allowing organizations to use all their data to speed up their digital transformations.
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