Barclaycard Commercial Payments, a unit of Barclays Bank, has joined forces with SAP UK on B2B payments.
Under the tie-up, Barclaycard’s B2B payment offering Precisionpay will be integrated into SAP Ariba solutions later in 2019.
The integration will combine procurement and payment in Ariba Network.
Precisionpay Bank Transfer will be the first Barclaycard offering to launch within Ariba Network.
The service will offer the perks of card payments for buyers. Furthermore it will also enable the cost-effectiveness of bank transfers for suppliers.
SAP UK and SAP Ireland managing director Jens Amail said: “The introduction of early settlement flexibility will truly revolutionise the industry and bring so much more value to Barclaycard customers.”
Through the service, buyers can make payments to suppliers much earlier in the procurement cycle and also avail flexible working capital, SAP said.
For instance, Barclaycard could finance the payment, with the buyers required to pay the balance within 56 days.
Barclaycard Commercial Payments managing director Marc Pettican said: “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.”
Barclaycard expanding partnerships
At the end of 2018, Barclaycard also partnered with Evernym on self-sovereign identity (SSI).
Barclaycard predicts that by 2022, 40% of interactions between businesses and their customers will be impacted by a form of digital ID. This took take the form across several technologies but it will become a more mainstream trend.
SSI allows consumers to securely store information about their digital identity. It becomes a secure way to prove an identity and is completely under the control of the consumer.