The new offering will be designed to allow corporate clients of participating Visa Commercial issuers to route payment instructions to Visa via the SAP Financial Services Network. According to Visa, this solution solution is designed to help corporations automate and process their invoice payments without the need for significant investment in custom software. It is planned to be available summer 2014.
According to the two companies, nearly half of all corporate payments are still made by check. The new solution is geared to help corporations who want to move toward electronic business-to-business payments.
“Corporations have long sought to simplify integration with their financial providers and take advantage of new services designed to optimize their payables and receivables,” said Sanjay Chikarmane, senior vice president and general manager, Information Management and Financial Services Network, SAP, in a statement.