US check volumes today remain remarkably high (by comparison, they are almost non-existent in Europe) and while electronic payment methods are slowing gaining traction, they are desperately in need of an innovative jolt.
The B2B payment space (especially in the US) remains hugely inefficient and costly due to the large volumes of paper-checks still being utilized by a majority of enterprises. 142 countries, 40 of which are invoice compliant.The Ariba Network supports approximately: Combined with Ariba’s other solutions (eProcurement, purchase orders, eInvoicing, etc) this will allow Ariba to offer a true end-to-end procure-to- pay solution. The basic idea behind AribaPay is that it will link Discover’s existing global payment network and the foundation of the Ariba Network with the Ariba Invoice solution to deliver a secure, integrated, efficient electronic payment (ePayment) mechanism. The solution is being developed and offered by Ariba and the Discover Network. For a background on Business Networks and Payments, read this recent article on Payables PlaceĪribaPay is a new electronic B2B payment solution that is currently in the design phase and is planned to launch in early 2014. I’ll be covering more of the event in part 2 of this article next week, today I wanted to focus on the exciting announcement made on May 8 th,2013 regarding AribaPay. Earlier this week I attended Ariba Live in D.C and as always, it was a great event attended by over 2,000 buyers, suppliers and various partners.
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