Business commerce network SAP Ariba and its partner Discover Financial Services are set to launch their business-to-business (B2B) payments service, Aribapay, in Canada.

AribaPay enables buyers and sellers to exchange purchase orders, invoices and payments, lower processing costs, receive richer remittance advice, reduce fraud risk, track and trace transactions and speed reconciliation and dispute resolution.

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The company, which has launched Aribapay in the US in 2014, is planning to expand the service into Europe and Latin America in the near future.

The service will be exhibited at SAP Ariba Live, the business commerce event set to take place March 14-16 at The Cosmopolitan of Las Vegas.

AribaPay had processed more than $40bn in payments since its launch in July 2014.

In January 2016, First Data, a US-based payment technology solutions company, has joined forces with SAP to launch a B2B payment solution, AribaPay, across Europe and Latin America.

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AribaPay general manager Phil Beck said: "By automating billing and settlement and digitizing the "pay" in procure-to-pay, AribaPay brings the same simplicity to B2B payments that consumers enjoy and effectively changes the game by enabling companies to drive a more efficient, effective process that creates benefits for all parties."

Discover president of payment services Diane Offereins said: "Discover’s trusted payments infrastructure enhances the innovation that AribaPay is bringing to Canadian businesses by offering a layer of flexibility and security to buyers and sellers who need fast and accurate settlement and reconciliation for business payments."