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SAP Ariba ends PrimeRevenue supply chain finance agreement
SAP Ariba has ended its three-year-old agreement with PrimeRevenue to deliver multi-funder supply chain financing to its users.
The deal, announced in April 2016, saw SAP Ariba integrate PrimeRevenue’s supply chain finance solution into its own procure-to-pay solution, giving PrimeRevenue access to a huge potential customer base.
SAP Ariba President Alex Atzberger said at the time that the agreement would allow the firms to “create a closed-loop system that links all of the data companies need to manage transactions and supply chain financing events with greater insight, speed and simplicity than ever.”
Last week SAP Ariba would give little information about why it ended the agreement. In a statement to SCF Briefing, it said it was, “Constantly reevaluating our existing offerings and partnerships to better serve our customers’ needs. We are always listening to suppliers and buyers so that we can improve their experience and operations. We continue to respect PrimeRevenue and their supplier finance capabilities.”
All references to the partnership have now been removed from the SAP Ariba website, but the company insists that “payments and financing is one of the key priorities within SAP Ariba.”
It will continue to offer financing services through other partners, including the two card companies with which it recently announced agreements. “SAP Ariba will continue to evolve our ecosystem in payments and financing based on customer needs, as evidenced by our recent partnerships with Barclaycard and American Express”, said its statement.
PrimeRevenue did not wish to comment on the decision.