Standard Chartered and SAP Ariba have agreed a strategic collaboration.
Specifically, the deal means that the bank’s supply chain solutions are more easily accessible to businesses in Asia Pacific.
The Ariba Network is the world’s largest digital business network connecting more than 4.2 million companies in 190 countries.
By the end of 2019, buyers using Ariba Network will be able to seamlessly manage their payments and supply chain finance needs with the SAP Ariba digital platform. Meantime, suppliers will get quicker access to financing and foreign exchange via Standard Chartered’s global network.
The collaboration is intended to accelerate the digitalisation of the entire supply chain. The bank says that this improves efficiency, transparency and accuracy for buyers and suppliers alike.
SAP Ariba: supporting sustainable economic growth
Moreover it will support sustainable economic growth and make financing more accessible to companies. And it will connect business communities and facilitate increased commerce across the globe.
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By GlobalData“Our goal is to make life easier for our clients and their ecosystems. As their businesses evolve, so do we,” says Lisa Robins, global head of Transaction Banking at Standard Chartered.
“We are delighted to collaborate with SAP Ariba to support our clients throughout their procure-to-pay lifecycles and beyond. As we embrace open banking, we connect communities across our footprint. And we provide access to integrated solutions that enable our clients to grow their businesses sustainably.”
Sean Thompson, senior VP, Business Network and Ecosystem, SAP Ariba and SAP Fieldglass adds: “Customers expect the procure-to-pay process to be easy, efficient, comprehensive and seamless, and rightly so.
“We are thrilled to welcome Standard Chartered into our ever-expanding ecosystem. By delivering financing options that enhance value for our customers, it allows them to complete the procure-to-pay process end-to-end on a single platform.”
SAP Ariba says that more than $2.9trn in commerce is flowing through the Ariba Network annually.
