B2B payments service provider AribaPay has big plans for expansion. After launching in the U.S. in 2014, AribaPay said Thursday (March 10) that it will now begin operations in Canada, with plans to expand into Europe and Latin America in the near future.
Since its inception, AribaPay says it has processed more than $40 billion in B2B payments. The company was created in an effort to automate and digitize corporate payments and billing.
In Canada, businesses and consumers exchange up to 4 million paper checks every day, AribaPay said, adding that buyers waste money on paper processes, while suppliers lack visibility into their accounts receivable operations.
“By automating billing and settlement and digitizing the ‘pay’ in procure-to-pay, AribaPay brings the same simplicity to B2B payments that consumers enjoy and effectively changes the game by enabling companies to drive a more efficient, effective process that creates benefits for all parties,” said AribaPay General Manager Phil Beck in a statement.
AribaPay rolled out in collaboration with Discover Network. When their collaboration was first revealed years ago, MPD CEO Karen Webster predicted the cross-border expansion of the solution and noted how Ariba could now capitalize on the transactions that pass through its network, while Discover can take advantage of the payment data to which it has access.
Since, AribaPay has added new partners. The company said earlier this year that it teamed up with First Data and its international payments infrastructure to help fuel transactions. The move was another hint that AribaPay would go global, as First Data joined SAP with connections in Europe and Latin America.
The company added that its solution will also be open for demonstration at the upcoming SAP Ariba Live conference later this month.
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