WASHINGTON--(BUSINESS WIRE)--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
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
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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Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “should” and “will” and similar expressions as they relate to SAP and Discover are intended to identify such forward-looking statements. SAP and Discover undertake no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations including, but not limited to, unexpected difficulties or delays in executing the proposed initiative, receptivity of marketplace participants to the initiative, and other factors affecting the operating of the respective businesses of SAP and Discover, as applicable. The factors that could affect SAP's and Discover’s future financial results are discussed more fully in SAP's and Discover’s filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F and Discover’s most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.
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