Online procurement and payments firm SAP Ariba and supply chain finance company PrimeRevenue are joining forces as B2B connections continue to globalize, and as the companies said in their announcement, supply chains suffer from a sickness.
SAP Ariba is integrating PrimeRevenue’s supply chain finance solution into its procure-to-pay solution, the firms revealed on Wednesday (April 6). Their alliance is an effort to “connect the dots” between corporate data, financial information and the buyer-supplier relationship.
“To compete and win in today’s global economy requires digital supply chains that are connected, agile and intelligent,” stated SAP Ariba President Alex Atzberger in a statement. “In joining forces, SAP Ariba and PrimeRevenue can 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.”
PrimeRevenue will link its cloud-based, multi-funder supply chain financing tool into the Ariba Network, a move the firms said can help buyers and suppliers more adequately collaborate online, regardless of geographical location.
The Ariba Network will utilize the financial data from corporate balance sheets and payables to streamline the assessment process for companies on the network seeking supply chain financing.
“In today’s dynamic global environment, maintaining a strong, efficient and secure financial supply chain is critical,” said PrimeRevenue CEO P.J. Bain. “In connecting our cloud-based solution to SAP Ariba’s business network, we can revolutionize financial supply chain management by providing a completely new and innovative way for companies around the world to optimize working capital and strengthen their financial supply chains.”
An integration into the Ariba Network follows PrimeRevenue’s launch into marketplace lending last year, when the firm launched PrimeRevenue Capital Management, an online platform to connect investors with companies seeking financing.