Goldman Sachs and SAP SE unite to boost commerce capabilities

SAP SE and Goldman Sachs have united  to boost efficiency for companies looking to do business with the millions of suppliers worldwide on Ariba Network, where more than $3.2 trillion in commerce is transacted annually.

The partnership will see Goldman Sachs’ tech-forward and secure cross-border Global Payments capabilities become available in select SAP Ariba solutions, making it simpler and less costly for buyers to pay foreign suppliers in local currencies.

Sean Thompson, executive vice president, Network and Ecosystem, SAP Procurement Solutions commented: “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.”

Hari Moorthy, global head of Transaction Banking at Goldman Sachs added: “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.”

Benefits of this partnership and these capabilities for buyers and suppliers include:

  • Streamlined process for paying foreign suppliers in local currencies at lower cost with competitive foreign exchange rates
  • Improved operational efficiency through easier reconciliation of payments to corresponding invoices
  • Real-time payment tracking, reducing payment-related supplier inquiries
  • Cost transparency on bank fees.

Furthermore, the collaboration also sees reduced risk as a result of improved visibility and control over foreign exchange payments and currency exposures for stakeholders in procurement and treasury. This is married with improved buyer-supplier relations, with transactions conducted in each party’s preferred currency with minimal change management required.