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and Discover to Transform B2B Payments with AribaPay
cloud-based service leverages applications and insights within Ariba Network to
streamline and enhance settlement and reconciliation of business commerce
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.
the classic joke: The check is in the mail. But few companies find it funny"
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.
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."
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.
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."
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.
of paper checks and invoices
payments lost to escheatment
to track and trace transactions
reconciliation and dispute resolution
learn more about AribaPay and the benefits it is expected to deliver, visit: www.aribapay.com
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,
Ariba, an SAP Company
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
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.
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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