Ariba Network, the world’s largest B2B network, connects millions of companies doing business at more than double the volume of Amazon, Alibaba, and eBay combined.
Standard Chartered Bank joined forces with SAP Ariba to capitalize on the Ariba Network, the world’s leading B2B network operating in more than 190 countries. The strategic collaboration aims to make the Bank’s financial supply chain solutions easily accessible to businesses in the Asia Pacific region through the network.
The SAP Ariba and Standard Chartered partnership intends to accelerate the digitalisation of the entire supply chain, thus, improving efficiency, transparency, and accuracy for both the buyers and suppliers. Through Ariba Network, by the end of 2019, buyers will be able to seamlessly manage their payments and supply chain finance needs with the SAP Ariba digital platform. Moreover, through Standard Chartered’s global network, suppliers will get quicker access to financing and foreign exchange.
Standard Chartered, a leading international bank with 60 markets worldwide, and SAP Ariba, the leader in global Spend Management, are committed to supporting sustainable economic growth and making financing more accessible to companies. The two global organisations aim to do so by connecting business communities and facilitating increased commerce across the globe.
Lisa Robins, Global Head of Transaction Banking at Standard Chartered said that the company’s goal is to make life easier for their clients and their ecosystems as of the bank and its customers evolve. She added:
“We are delighted to collaborate with SAP Ariba to support our clients throughout their procure-to-pay lifecycles and beyond. As we embrace open banking, we connect communities across our footprint and provide access to integrated solutions that enable our clients to grow their businesses sustainably.”
According to Sean Thompson, Senior Vice President of Business Network and Ecosystem at SAP Ariba and SAP Fieldglass, with regards to procure-to-pay process, customers expect it to be easy, efficient, comprehensive and seamless.
“We are thrilled to welcome Standard Chartered into our ever-expanding ecosystem to deliver financing options that enhance value for our customers, allowing them to complete the procure-to-pay process end-to-end on a single platform,” said Thompson.
About Ariba Network
Ariba Network allows buyers and suppliers to collaborate on transactions, strengthen their relationships, and discover new business opportunities within a single, networked platform. For buyers, managing the entire procurement process from source to settle, while controlling spending, finding new sources of savings, and building a healthy, ethical supply chain is now made possible. As for the suppliers, they can help buyers achieve their procurement transformation goals while boosting customer satisfaction, simplifying the sales cycle, and improving cash flow.
Ariba Network is forecasted to transact $3 trillion in business commerce this year. To date, the network connects over 4.1M companies worldwide, including 76% of the Fortune 2000.
About Standard Chartered
As a leading international bank, Standard Chartered offers banking services that help people and businesses prosper across Asia, Africa, and the Middle East. Its network serves customers in close to 150 markets worldwide.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges in addition to the Bombay and National Stock Exchanges in India.