SAP and Goldman Sachs to support Global Payments on Ariba Network

Goldman Sachs' secure cross-border Global Payments capabilities will be available on SAP Ariba solutions.

SAP and Goldman Sachs announced their partnership to allow businesses and buyers to pay foreign suppliers in local currencies at a reduced cost.

SAP Ariba is a cloud-based innovative solution. The platform allows suppliers and buyers to connect and do business on a single platform. Ariba Network processes US$3.2 trillion in annual transactions. There are around 4.6 million customers connected on Ariba Network.

Executive Opinion

Executive Vice President, Network and Ecosystem, SAP Procurement Solutions, Sean Thompson, said,  "We continue to expand our portfolio of ecosystem partners to add more value for customers. 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."

Global head of Transaction Banking at Goldman Sachs, Hari Moorthy, said, "We put clients at the center of this product to create a frictionless payment experience and provide competitive and transparent pricing. We are proud to partner with SAP to introduce this innovative yet simplified approach to making payments across the globe on Ariba Network."

SAP and Goldman Sachs partnership

The partnership witnesses a streamlined process for paying foreign suppliers in local currencies. It will further ease the reconciliation of payments to corresponding invoices thus improving operational efficiency.

The solution will support real-time payment tracking, reducing risks and minimising related inquiries. Goldman Sachs’ advanced machine learning techniques for optimized payment routing is also made available, notes the announcement.