- SAP SE and Goldman Sachs announced that they have signed a partnership to make it easier for companies to do business with the millions of suppliers worldwide on Ariba Network
SAP SE and Goldman Sachs recently announced that they have signed a partnership to make it easier for companies to do business with the millions of suppliers worldwide on Ariba Network, where over $3.2 trillion in commerce is transacted every year. And Goldman Sachs’ tech-forward and secure cross-border Global Payments capabilities will be available in select SAP Ariba solutions thus making it simpler and less costly for buyers to pay foreign suppliers in local currencies.
“We continue to expand our portfolio of ecosystem partners to add more value for customers,” said Sean Thompson, EVP of Network and Ecosystem at SAP Procurement Solutions. “Partnering with Goldman Sachs Transaction Banking allows us to deliver more innovative financial solutions, starting with these cross-border payment capabilities, which is critically important for so many of our customers on Ariba Network doing business in the global economy today.”
Goldman Sachs is essentially going to help SAP Ariba Network customers pay bills with 125 currencies with one-click functionality. And the client will have transparency on where the payment is and how much they paid for the service.
What are the primary benefits of this partnership? The capabilities for buyers and suppliers include a streamlined process for paying foreign suppliers in local currencies at a lower cost with competitive foreign exchange rates and improved operational efficiency through easier reconciliation of payments to corresponding invoices. Plus the partnership also includes real-time payment tracking and reducing payment-related supplier inquiries. And there is cost transparency on bank fees and optimized payment routing offered by Goldman Sachs’ advanced machine learning techniques. There is also a reduction in risk as a result of improved visibility and control over foreign exchange payments and currency exposures for stakeholders in procurement and treasury along with improved buyer-supplier relations with transactions conducted in each party’s preferred currency with minimal change management required.
“We put clients at the center of this product to create a frictionless payment experience and provide competitive and transparent pricing,” added Hari Moorthy, global head of Transaction Banking at Goldman Sachs. “We are proud to partner with SAP to introduce this innovative yet simplified approach to making payments across the globe on Ariba Network.”
The SAP Ariba and SAP Fieldglass solutions for intelligent spend management are known for helping maximize efficiency in procurement operations for companies around the world. And over 4.6 million companies are connected to Ariba Network in 190 countries, which makes it the largest business network in the world.