First Data, a US-based payment technology solutions company, has joined forces with enterprise software producer SAP to launch a B2B payment solution, AribaPay, across Europe and Latin America.
AribaPay allows companies of all sizes to complete B2B payments with the same simplicity, reliability and security that consumers do and will also make the procure-to-pay process seamless, according to SAP.
Delivered via the Ariba Network, the solution also automates transactions and delivers rich remittance information to improve billing and settlement between companies.
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.
Till date, AribaPay had processed more than $40bn in B2B payment.
First Data chairman and CEO Frank Bisignano said: "We can help buyers and suppliers complete the procure-to-pay process faster, easier and with greater visibility."
SAP CEO Bill McDermott said: "Trillions of dollars in transactions around the world run through First Data and our Ariba Network. Together we’re committed to bringing speed, transparency and simplicity to unleash the full promise of business networks in the digital economy."