Barclaycard and SAP announced that they are joining forces to bring procurement and payment for B2B organizations into a single solution. Dubbed Precision Bank Transfer, buyers will make use of the platform to pay suppliers earlier in the procurement cycle. The aim, according to the two companies, is to ‘improve supplier relationships and allow buyers to take advantage of any prompt payment discounts’.
In a joint press release, the two companies said they will be integrating Barclaycard’s B2B payment product, Precisionpay with SAP’s B2B marketplace Ariba. This will bring both procurement and payment onto a single platform. Buyers will also benefit from greater access to flexible working capital, with Barclaycard now able to fund payments to suppliers and customers having up to 56 days to pay the balance.
Precision Bank Transfer is set to launch later this year, meaning that prompt payments will improve cash flow on the supplier’s side, making their businesses more resilient to the threat of late payments.
Marc Pettican, Managing Director of Barclaycard Commercial Payments, said: “Since launching the UK’s first corporate credit card over 50 years ago, Barclaycard has been pushing the boundaries to create payment solutions that help make our clients more successful. In global procurement, payment has always been the part of the process that has created the most friction, so we’re really excited to be partnering with SAP to make B2B payments as simple and seamless as possible.”
“The introduction of early settlement flexibility will truly revolutionize the industry and bring so much more value to Barclaycard customers,” commented Jens Amail, Managing Director, SAP UK Limited and SAP Ireland Limited. “Barclaycard is a long-term strategic partner for SAP and we’re now taking this partnership to the next level by collectively redefining the corporate payments market with a highly innovative platform.”