FinTech firm Fiserv is partnering with software company SAP to help worldwide B2B companies streamline payments and improve working capital, Fiserv announced on Monday (Feb. 10).
The partnership aims to offer B2B firms a streamlined platform to bring digital payments to their customers with the integration of two cloud-based solutions: Fiserv’s enterprise payments app SnapPay and the SAP digital payments add-on.
Many Fiserv clients have already started to see the benefits of the SnapPay-SAP integration.
Global home decor producer and distributor Brewster Home Fashions uses SnapPay and has migrated to SAP S/4HANA and SAP ERP with the SAP digital payments add-on.
“The real-time integration of SnapPay with the SAP solution is enhancing our process efficiency, reducing our overall cost of doing business and simplifying payment card industry compliance,” said Daoud Ali, IT executive director of Brewster. “The solution is flexible, efficient and has given our customer service team a new sense of empowerment.”
The SAP add-on assists with digital payment types that have to comply with the Payment Card Industry Data Security Standard (PCI DSS).
“The SnapPay integration with [the] SAP digital payments add-on helps meet the unique needs of B2B and B2C customers,” said Dr. Oliver Kroneisen, vice president and head of financial operations development at SAP. “Brewster Home Fashions exemplifies how our continued commitment benefits customers.”
SnapPay handles the accounts receivable (AR) and accounts payable (AP) processes of large and mid-sized companies. The solution also computerizes corporate treasury operations.
“Improving working capital is a top priority for most businesses,” said Suhas Gosavi, senior vice president of B2B payments and eCommerce at Fiserv. “To meet that need, we innovated on our existing SnapPay integration with SAP solutions to make it even easier for clients to access payment services, reduce days sales outstanding and automate back-office processes.”
Fiserv posted Q4 adjusted earnings of $1.13 per share, which just missed the consensus of $1.14. The adjusted revenue was $3.7 billion, slightly under the $3.8 billion expected.
Fiserv acquired First Data in January 2019 and cloud-based point-of-sale firm Clover in July. Clover’s Q4 saw an increase in annualized gross payment volume by more than 40 percent year over year.