Categories: B2B Payments

New xSuite, SAP Partnership To Help Automate Payments

The xSuite Group Business Partner Portal Sphere will run on the SAP Cloud Platform to help suppliers through new B2B payments automation, a press release says.

The release says the new portal will give SAP users a central platform for procure-to-pay processes with suppliers and let purchasing, accounting and suppliers trade data and documents needed for procurement.

The data transfer will be automatic and go straight from the portal to SAP, getting rid of the parts of the process that were slow before for accounting and processing officials when they did it manually.

The Business Partner Portal, the release says, lets the purchasing department keep using familiar SAP processes, while allowing the supplier to generate order confirmations, shipping notifications, invoices, credit notes and other documents through the portal, and also transfer them back through the same portal.

Information and documents will be available in the SAP system for the purchase department, the release says, replacing the need for printed-out paper documents and snail-mail.

There is also a “self-service” option where a new supplier can start a workflow and enter in the needed information like contact data and bank details, and then the data can be stored in the SAP system for later.

In addition, the Business Portal has another option where companies can boost liquidity through offering numerous different payment terms with different discount amounts. That, according to the release, lets the purchasing company choose how to go forward with the deal.

In March, SAP teamed with Wipro on a new solution to boost the fashion world, with cloud technology used to help companies get better customer service and experiences. The partnership offers new payment options along with a way to get ahead of last-minute issues through advanced cloud analytics.

In July, SAP was the victim of a security breach that had the company advising users to apply a new patch to stop hacking attempts.

Get our hottest stories delivered to your inbox.

Sign up for the PYMNTS.com Newsletter to get updates on top stories and viral hits.

——————————

LIVE PYMNTS TV OCTOBER SERIES: POWERING THE DIGITAL SHIFT – B2B PAYMENTS 2021

Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border.

Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.

Recent Posts

Deep Dive: How The Pandemic Is Changing Cloud Compliance Rules And How FIs Can Keep Up

Most banks are familiar with how quickly regulatory requirements can change. One 2019 report noted…

20 mins ago

Community FIs Battle Against Low Interest Rates To Help SMBs Thrive

When the Paycheck Protection Program (PPP) rolled out in the U.S., smaller community banks and…

50 mins ago

Banks, FinTechs Dive Into New Payment Rails For B2B

When it comes to payment rails innovation, financial service providers can either improve upon existing…

50 mins ago

How Axis Bank Prevents Identity Fraud With Video-Based Onboarding

Identity fraud is pervasive threat, with fraudsters stealing identities and constructing fake ones to steal…

1 hour ago

MineralTree Raises $50M, Buys Two Companies

MineralTree Inc., the Massachusetts-based accounts payable (AP) automation software provider, announced a $50 million Series…

2 hours ago

Closing The Paper Check To Instant Cash Flow Gap For America’s SMBs

Turn the clock back a year and the world for small businesses was very different…

5 hours ago