Visa Inc. has announced plans to provide companies a simplified way to pay by Visa through their Visa Commercial issuer using the SAP Financial Services Network. The new payment solution is expected to help corporations process their invoice payments without the need for significant investment in custom software, and is planned to be available summer 2014.
Global commercial consumption expenditure is estimated at USD112tn, but nearly half of all corporate payments are still paid by checks, which is an inefficient approach compared with electronic transfers. The new solution is expected to help corporations who want to move toward electronic business-to-business payments.
“As companies shift from labour-intensive, paper-based processes to more efficient electronic procurement systems, having the option to pay with Visa will help simplify the process and bring many benefits,” said Tad Fordyce, SVP and head of Global Commercial Solutions, Visa Inc. “We anticipate that being able to make Visa payments via connection to the SAP Financial Services Network will help corporations streamline accounts payable processing, while avoiding the upfront and on-going costs that would be associated with custom software for the payment process.”
“Corporations have long sought to simplify integration with their financial providers and take advantage of new services designed to optimize their payables and receivables,” said Sanjay Chikarmane, senior vice president and general manager, Information Management and Financial Services Network, SAP. “We anticipate companies will be able to benefit from connecting to the SAP Financial Services Network and make Visa transactions via the network. Integrating Visa’s payables solutions with ERP and finance systems via the SAP Financial Services Network is expected to help ease reconciliation and increase up-to-date visibility into cash.”
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