Ariba and Discover Financial Services unveiled AribaPay on Wednesday, a new service offered by Ariba that could potentially eliminate paper transactions, enhance cash flow visibility and produce remittance information for B2B payments.
The cloud-based service, which is expected to become available next year, will combine elements of the Ariba Network with Discover’s global payments infrastructure to streamline and enhance business commerce.
“It’s the classic joke: The check is in the mail,” Ariba President Kevin Costello said. “But few companies find it funny. Buyers are drowning in paper, and sellers have no idea when – or how much – they will be paid. AribaPay will effectively eliminate these issues.”
AribaPay will allow buyers to create purchase orders, receive invoices and send payments, while sellers will be able to receive more detailed payment information in a secure environment. Other benefits of the service include lower processing costs, the ability to trace and track transactions and faster dispute resolution.
“Ariba and Discover are seizing the opportunity to digitize a share of the estimated $30 trillion in B2B payments that are still mostly made with paper checks,” Discover President and COO Roger Hochschild said. “Discover is broadening its network capabilities and infrastructure and choosing diverse business partners like Ariba to move beyond facilitating payments to enabling and improving business commerce.”