SAP SE and Goldman Sachs announced that they have joined forces to make it easier for companies to do business with the millions of suppliers worldwide on Ariba Network, where more than US$3.2 trillion in commerce is transacted annually.
Goldman Sachs’ tech-forward and secure cross-border Global Payments capabilities will be available in select SAP Ariba solutions, making it simpler and less costly for buyers to pay foreign suppliers in local currencies.
Benefits of this partnership and these capabilities for buyers and suppliers include:
- Streamlined process for paying foreign suppliers in local currencies at lower cost with competitive foreign exchange rates
- Improved operational efficiency through easier reconciliation of payments to corresponding invoices
- Real-time payment tracking, reducing payment-related supplier inquiries
- Cost transparency on bank fees
- Optimized payment routing offered by Goldman Sachs’ advanced machine learning techniques
- Reduced risk as a result of improved visibility and control over foreign exchange payments and currency exposures for stakeholders in procurement and treasury
- Improved buyer-supplier relations with transactions conducted in each party’s preferred currency with minimal change management required