SAP and Visa announced earlier in the week a partnership to digitise business-to-business (B2B) payments in Asia-Pacific. The partnership will see Visa embed its payments capabilities into the SAP ecosystem, making it easier for businesses of all sizes to make and receive payments.
The collaboration will use SAP's Business Technology Platform (SAP BTP) to provide a secure and innovative platform for B2B payments. SAP BTP will allow Visa to deliver its suite of commercial and money movement solutions to SAP customers in the region, helping to bridge working capital gaps in the supply chain.
Small to medium-sized enterprises (SMEs) in Asia-Pacific have traditionally lacked the resources to digitise their B2B payments. This partnership will help these businesses to make payments more seamlessly and securely, both domestically and cross-border.
"The movement of money is becoming increasingly digital, but the bulk of transformation has been focused on the consumer space," said Stephen Karpin, Asia-Pacific regional president at Visa. "Our collaboration with SAP is an exciting step in making B2B payments simpler and more intuitive as organizations can make payments immediately on SAP software platforms with their Visa corporate cards."
The collaboration is the first time that Visa and SAP have worked together on a solution for B2B payments. It is a significant step in the two companies' efforts to experiment with embedded finance in the B2B market.
“Our collaboration with Visa endeavours to streamline and simplify the B2B payment process and drive further efficiencies for our joint customers,” said Paul Marriott, President, Asia Pacific Japan, SAP. “Embedding Visa payment solutions into the SAP ecosystem aims to scale and accelerate digital commerce, together empowering enterprises – from small businesses to government agencies and non-profit organizations – to make secure payments quickly, transforming the last mile of procurement.”
The partnership is expected to go live in the first half of 2024.
Benefits of the partnership
The partnership between SAP and Visa will offer a number of benefits to businesses in Asia-Pacific, including:
- Simplified B2B payments - The partnership will make it easier for businesses to make and receive payments, regardless of their size or location.
- Increased efficiency - The partnership will help businesses to save time and money by automating their B2B payments.
- Improved security - The partnership will use SAP to provide a secure and compliant platform for B2B payments.
- Enhanced customer experience - The partnership will provide businesses with a more intuitive and user-friendly way to make and receive payments.
What can small businesses learn from the partnership between SAP and Visa
- The importance of digitising B2B payments - The partnership shows that digitising B2B payments is a key priority for businesses in Asia-Pacific. Small businesses that want to stay competitive need to make sure that they are able to make and receive payments quickly, easily, and securely.
- The benefits of working with a trusted partner - The partnership between SAP and Visa is a good example of how small businesses can benefit from working with a trusted partner. SAP and Visa are both well-established companies with a strong track record in the payments industry. This means that small businesses can be confident that they are working with a partner that can help them to achieve their goals.
- The importance of customer experience - The partnership shows that businesses are increasingly focused on providing a good customer experience. The new solution will make it easier for businesses to make and receive payments, which will improve the customer experience. Small businesses should also focus on providing a good customer experience, as this will help them to attract and retain customers.
The partnership between SAP and Visa is a significant step forward in the digitisation of B2B payments in Asia-Pacific. The partnership will offer a number of benefits to businesses in the region, helping them to save time, money, and improve their customer experience.
