US-based digital payments company Visa has partnered with enterprise application software firm SAP to streamline and simplify business-to-business (B2B) payments for enterprises.
The collaboration is aimed at realising an innovation to embed payments into the SAP ecosystem through SAP Business Technology Platform (SAP BTP).
Through the partnership, Visa and SAP seek to explore embedded finance in the B2B market to support the integration of financial journey into business operations.
According to Visa, the collaboration is in line with its strategy to increase footprint in the B2B space to facilitate broader money movement flows between individuals, businesses and governments beyond consumer payments.
It will include accounts receivable and payable flows, corporate payments with card-based solutions and cross-border payments.
Under Visa’s commercial and money movement solutions, it will offer capabilities through SAP BTP to route commercial payments to all suppliers regardless the acceptance of card payments
Visa Asia Pacific regional president Stephen Karpin said: “Our collaboration with SAP is an exciting step in making B2B payments simpler and more intuitive as organisations 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.”
As part of the collaboration, SAP expects to improve its customers’ experience in using SAP’s software to operate their businesses.
The partnership is also expected to further digitise and speed up B2B payments across Asia Pacific’s supply chains.
SAP Asia Pacific Japan president Paul Marriott said: “Our collaboration with Visa endeavours to streamline and simplify the B2B payment process and drive further efficiencies for our joint customers.
“Embedding Visa payment into the SAP ecosystem aims to scale and accelerate digital commerce; together empowering enterprises, from small businesses to government agencies and non-profit organisations, to make secure payments with just a few clicks, transforming the last mile of procurement.”
The embedded finance solution will initially be made available to SAP customers in Australia, Japan, India, Malaysia, Thailand, Singapore and Vietnam, with plans to roll out across other markets in the region.
Earlier this month, Visa and embedded finance firm Weavr joined forces to expedite the adoption of embedded finance solutions among B2B software-as-a-service (SaaS) companies.
