WALLDORF, Germany, March 16, 2020 /PRNewswire/ — SAP SE (NYSE: SAP) and Goldman Sachs today 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.
“We continue to expand our portfolio of ecosystem partners to add more value for customers,” said Sean Thompson, executive vice president, Network and Ecosystem, 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.”
“We put clients at the center of this product to create a frictionless payment experience and provide competitive and transparent pricing,” said 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.”
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
For more information, watch this two-minute video.
SAP Ariba and SAP Fieldglass® solutions for intelligent spend management help maximize efficiency in procurement operations for companies around the world. More than 4.6 million companies are connected to Ariba Network in 190 countries, making it the largest business network in the world.
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About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
About Goldman Sachs Transaction Banking
Goldman Sachs Transaction Banking, through Goldman Sachs Bank USA, is building a modern, digital-first, and cloud-based business to help clients build the future of their Treasury. The business combines the strength, heritage, and expertise of a 150-year-old firm with the agility and entrepreneurial spirit of a tech start-up.
About SAP
As the Experience Company powered by the Intelligent Enterprise, SAP is the market leader in enterprise application software, helping companies of all sizes and in all industries run at their best: 77% of the world’s transaction revenue touches an SAP system. Our machine learning, Internet of Things (IoT), and advanced analytics technologies help turn customers’ businesses into intelligent enterprises. SAP helps give people and organizations deep business insight and fosters collaboration that helps them stay ahead of their competition. We simplify technology for companies so they can consume our software the way they want — without disruption. Our end-to-end suite of applications and services enables more than 440,000 business and public customers to operate profitably, adapt continuously, and make a difference. With a global network of customers, partners, employees, and thought leaders, SAP helps the world run better and improve people’s lives. For more information, visit www.sap.com.
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