Ariba,
an SAP Company, and Discover
Financial Services (NYSE: DFS) today unveiled Ariba® Pay™,
a new service to be offered by Ariba that is expected to transform B2B
payments by eliminating paper transactions, providing better visibility
into cash flow and producing rich remittance information that improves
reconciliation processes for buyers and sellers.
When launched, the cloud-based service will combine the applications and
insights embedded in the Ariba
Network and deliver them through Discover’s trusted global payments
infrastructure to streamline and enhance settlement and reconciliation
of business commerce. The service is expected to be generally available
in 2014. The announcement was made at AribaLIVE,
the business commerce event of the year, taking place at the Gaylord
National Resort and Conference Center in Washington, D.C.
“It’s the classic joke: The check is in the mail. But few companies find
it funny,” said Kevin Costello, president, Ariba. “Buyers are drowning
in paper, and sellers have no idea when – or how much – they will be
paid. AribaPay will effectively eliminate these issues.”
AribaPay will provide a reliable and cost-effective way for buyers to
create purchase orders, receive invoices and send payments, while
sellers receive more-detailed remittance information – all in a fast,
secure, electronic environment.
"Ariba and Discover are seizing the opportunity to digitize a share of
the estimated $30 trillion in B2B payments that are still mostly made
with paper checks,” said Roger Hochschild, president and chief operating
officer for Discover. “Discover is broadening its network capabilities
and infrastructure and choosing diverse business partners like Ariba to
move beyond facilitating payments to enabling and improving business
commerce.”
For buyers and sellers connected to the Ariba Network, AribaPay will
deliver data that shows what payments represent at the invoice and
line-item level, fueling faster, more accurate reconciliation on both
sides.
Other benefits include:
-
Lower processing costs
-
Richer remittance advice
-
Elimination of paper checks and invoices
-
Fewer payments lost to escheatment
-
Ability to track and trace transactions
-
Faster reconciliation and dispute resolution
To learn more about AribaPay and the benefits it is expected to deliver,
visit: www.aribapay.com
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and payment
services company with one of the most recognized brands in U.S.
financial services. Since its inception in 1986, the company has become
one of the largest card issuers in the United States. The company
operates the Discover
card, America's cash rewards pioneer, and offers home loans, private
student loans, personal loans, checking and savings accounts,
certificates of deposit and money market accounts through its direct
banking business. Its payment
businesses consist of Discover
Network, with millions of merchant and cash access locations; PULSE,
one of the nation's leading ATM/debit networks; and Diners
Club International, a global payments network with acceptance in
more than 185 countries and territories. For more information, visit www.discoverfinancial.com.
About Ariba, an SAP Company
Ariba is the world’s business commerce network. Ariba combines
industry-leading cloud-based applications with the world's largest
web-based trading community to help companies discover and collaborate
with a global network of partners. Using the Ariba® Network,
businesses of all sizes can connect to their trading partners anywhere,
at any time from any application or device to buy, sell and manage their
cash more efficiently and effectively than ever before. Companies around
the world use the Ariba Network to simplify inter-enterprise commerce
and enhance the results that they deliver. Join them at: www.ariba.com
About SAP
As market leader in enterprise application software, SAP (NYSE: SAP)
helps companies of all sizes and industries run better. From back office
to boardroom, warehouse to storefront, desktop to mobile device – SAP
empowers people and organizations to work together more efficiently and
use business insight more effectively to stay ahead of the competition.
SAP applications and services enable more than 232,000 customers to
operate profitably, adapt continuously, and grow sustainably. For more
information, visit www.sap.com.
# # #
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