What is SAP Payment Processing?
SAP Payment Processing is a critical component of SAP ERP that allows organizations to manage and process payments efficiently. For SAP customers, SAP Payment Processing provides a secure, centralized, and automated solution for businesses to process and manage payments. It enables businesses to process payments quickly and accurately while meeting compliance requirements. SAP Payment Processing is a scalable solution that can meet the needs of companies of all sizes.
What is SAP Payment Processing?
SAP Payment Processing is a critical component of SAP ERP that allows organizations to manage and process payments efficiently. For SAP customers, SAP Payment Processing provides a secure, centralized, and automated solution for businesses to process and manage payments. It enables businesses to process payments quickly and accurately while meeting compliance requirements. SAP Payment Processing is a scalable solution that can meet the needs of companies of all sizes.
Key capabilities of SAP Payment Processing include:
- Ability to create and manage payments quickly and easily
- Automated payment processing, including invoice validation and authorization
- Comprehensive reporting features that provide insights into payments activity
- Integration with existing financial systems and processes
Key Considerations for SAPinsiders
Configure SAP Payment Processing properly to ensure compliant transactions processing. Although the SAP Payment Processing solution can provide significant value and benefits for businesses of all types, it should be configured to meet the business’s specific needs. Ensure all required approvals are in place before payments can be made and the solution is compliant with banking and financial regulations. This paves the way for adopting a shared services model to reduce costs.
Explore opportunities for payments automation to enhance supplier experience. This case study illustrates how an organization like Irvine Company partnered with Serrala to drive the successful automation of supplier payments.
Leverage industry-specific applications and solution extensions to enable robust SAP Payment Processing functionality. This case study, based on an interview with Jason Nyhus, Senior Vice President Global Sales and Alliances at Digital River, illustrates how global organizations with specific needs around e-commerce and cross-border transactions integrate SAP Payment Processing functionality with third-party solutions. For example, Digital River’s solution provides back-office order management automation for e-commerce companies to support payment processing.
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Pacific Coast Supply Customer Story
Pacific Coast Supply, Headquartered in North Highlands, CA is a building material distributor that services professional contractors and subcontractors. Through streamlined design and ongoing configuration controls, which allow you to adjust to changing needs, OMS+ allowed Pacific Coast Supply to start their moderation journey and increase total experience.
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Harnessing AI for Efficient and Accurate Accounts Payable Processes
Reading time: 3 mins
more and more companies are turning to AI to help AP run more smoothly. Yet not all organizations are comfortable with this emerging technology. In fact, SAPinsider’s recent AI and Automation in Finance benchmark report found that just 31% of SAP organizations are actively using AI to bolster their invoice and payments processing solutions. Often,…
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Bolstering Payroll and Tax Compliance with BSI’s Proven Partnership
Reading time: 2 mins
More and more, SAP organizations are turning to trusted third-party organizations to gain enhanced capabilities and bolster their expertise. These partnerships make up an essential part of the overall SAP landscape. Finding the right partner to fill skill gaps and enhance efficiency can be one of the most meaningful projects that finance teams can undertake.…
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B2B Payment trends to watch in 2021
Reading time: 1 min
From managing remote teams to embracing digital payments, B2B leaders are evaluating how to adapt to an increasingly digital landscape.
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How Spectrum Reach Created a Seamless Customer Experience by Redesigning Its Accounts Receivable and Data Processing Workflows
This session will deep dive into Spectrum Reach’s transformative journey. Delve into the challenges encountered during implementation, gaining valuable insights into overcoming hurdles and meticulous approach employed to ensure the successful delivery of the project.
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Serrala Unveils Automated Embedded B2B Payments Solution
Reading time: 2 mins
Financial automation leader Serrala recently announced a new partnership with Monex USA that aims to simply B2B payments for their customers. The companies announced that they will jointly provide the first fully automated SAP embedded B2B payments solution. In this article, we will examine some of the benefits that organizations can expect from the partnership.…
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SAP and VISA Announce B2B Payment Collaboration for Asia-Pacific Region
Reading time: 2 mins
Recently, SAP made a major announcement regarding a new partnership with global payments leader Visa. The two organizations worked together to embed payments into the SAP ecosystem through SAP Business Technology Platform (SAP BTP) for customers in the Asia Pacific region. This marks the collaboration between Visa and SAP in exploring embedded finance in the…
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Tipalti Announces Enhanced AI Capabilities
Reading time: 2 mins
Recently, global payables leader Tipalti announced a new partnership with OpenAI to further drive productivity and efficiency within its payables automation platform. Tipalti will incorporate the functionality of the GPT-4 platform to allow users to more quickly contextualize data points to improve accuracy and reduce manual coding requirements. The new capabilities from OpenAI can also…
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Leverage Bank Account Management for Payment Signatories based Payment Approvals
Reading time: 12 mins
In today’s global and dynamic business environment, treasury departments are faced with the daunting task of managing and controlling large sets of bank accounts across diverse geographies. Some of the challenges include maintaining optimum bank structure, managing large portfolios of bank accounts and signatories, and maintaining relationships with banks. Applying the right degree of automation…
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LyondellBasell streamlines global banking and controls inbound and outbound payments
After a merger of Lyondell with Bassel European Group, the company wanted to increase its ability to manage customer credit and apply cash for inbound payments quickly. The company implemented an in-house bank and a global payment factory to centralize control over outbound payments, increase compliance, reduce fraud, and lower banking and payment fees. Learn…
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