SAP has unveiled SAP Commerce Cloud, an open payment framework designed to enable merchants to integrate with multiple third-party payment service providers.
The framework will allow merchants to integrate with third-party payment service providers such as Stripe, Adyen, Worldpay and Airwallex, catering to the unique needs of merchants based on their specific use cases.
Additionally, SAP’s composable architecture empowers retailers to selectively choose payment partners that align with distinct business requirements and target markets worldwide.
This flexibility aims to enable these merchants to construct their payment ecosystem at their preferred pace, accelerate business expansion and avoid being confined to a single provider.
Leslie Hand, Group Vice President of Retail & Financial Insights, at IDC, said: “Retailers want to extend more payment options to shoppers and quickly, and SAP is leveraging its vast partner ecosystem to fulfil this need.
“With SAP’s deep understanding of retail and commerce and new offering to have a quick connection to the PSPs, retailers can adopt the plug and play framework they need that greatly reduces the complexity of a traditional integration. It’s great to see SAP delivering on its promise to offer composable solutions, so customers can adjust to new market requirements when and where it works best for them.”
Vishal Shah, Head of Embedded Finance at SAP Fioneer, shared his views on embedded finance trends with Payment Expert last year, in which he predicted it would break into the mainstream.
The headless framework hopes to ensure the front end and back end are decoupled and operate independently, creating an opportunity to cater to a wide range of channel requirements and add on new solutions, including prebuilt payment experiences available on SAP Commerce Cloud.
Sven Denecken, Senior Vice President and Global Head of Product Marketing for SAP Industries & CX, commented: “SAP’s unmatched industry expertise is the foundation of our strategy, as it enables us to deeply understand the complexities of delivering seamless and positive customer experiences that reinforce the brand promise with every interaction.
“SAP’s unique, industry-led approach to composability places the retailer’s digital commerce needs front and centre while we work with them to manage their digital transformation, navigate pathways to sustainable growth and deliver on industry expectations.”
In addition, SAP has leveraged its partner ecosystem, which it says are “important” to this initiative.
One of SAP’s partners, Airwallex, stated: “This is an important first partnership between Airwallex and SAP, as we mutually look to support merchants with their international expansion plans.
“As one of four official payment service providers added to the SAP Commerce Cloud solution, Airwallex’s global payments and proprietary financial infrastructure will provide merchants with even more choices and payment options that suit their growing customer base.
“This is the start of a long-term relationship in which we look forward to strengthening our enterprise playbook and further scaling into the Americas and EMEA while supporting SAP’s business in APAC.”
