SAP SE
Composable payment options enhance the customer experience at
checkout and accelerate retailers' business growth
WALLDORF - SAP SE (NYSE: SAP) today announced a new composable payment solution to help retailers stay ahead of changing customer expectations. The new solution, SAP Commerce Cloud, open payment framework, helps retailers become more agile as new payment options - such as buy now, pay later - gain popularity.
The framework integrates SAP Commerce Cloud with numerous third-party payment service providers (PSPs), including Stripe, Adyen, WorldPay and Airwallex, based on their specific use case. Additionally, SAP's composable architecture allows retailers to cherry-pick payment partners tailored to their unique needs and international markets, enabling them to build at their own pace, scale their business faster and avoid being confined to a single provider.
"Retailers want to extend more payments options to shoppers and quickly, and SAP is leveraging its vast partner ecosystem to fulfill this need," said Leslie Hand, group vice president, Retail & Financial Insights, IDC. "With SAP's deep understanding of retail and commerce and new offering to have a quick connection to the PSPs, retailers can adopt the plug and play framework they need that greatly reduces the complexity of a traditional integration. It's great to see SAP delivering on its promise to offer composable solutions, so customers can adjust to new market requirements when and where it works best for them."
SAP Commerce Cloud's seamless and native integration capabilities ensure PSPs can be rapidly adopted, and it reduces complexity by eliminating the need to integrate and deploy extensions to the commerce codebase. The framework is extensible and headless, helping ensure the front end and back end are decoupled and operate independently, creating an opportunity to cater to a wide range of channel requirements and add on new solutions, including prebuilt payment experiences available on SAP Commerce Cloud, composable storefront. It also ensures customers have the freedom to pick their preferred payment method, which enhances the checkout experience.
"SAP's unmatched industry expertise is the foundation of our strategy, as it enables us to deeply understand the complexities of delivering seamless and positive customer experiences that reinforce the brand promise with every interaction," said Sven Denecken, Senior Vice President and Global Head of Product Marketing for SAP Industries & CX. "SAP's unique, industry-led approach to composability places the retailer's digital commerce needs front and center while we work with them to manage their digital transformation, navigate pathways to sustainable growth, and deliver on industry expectations."
This no-code, low-code framework gives retailers a low-cost, adaptive, and agile payments system that can best fit their business and customer needs. It covers common payment needs and end-to-end payment processes across authorization, capture, refunds, and re-authorization as well as automatic updates with security and compliance standards.
- Example use case: A jewelry retailer that leverages a leading PSP wants to expand its payment options to offer a buy-now, pay-later payment option. They can add the new offering with a few clicks, immediately make the option available while meeting security requirements, and help guarantee an end-to-end payment experience for the customer.
SAP Commerce Cloud helps deliver profitable digital commerce growth, from discovery to delivery and beyond, and can be implemented with agility across industries such as retail, automotive, consumer products, utilities, and many others globally through its headless and composable offering. The open payment framework for SAP Commerce Cloud is in beta and SAP customers can join now. It is planned to be generally available in H2 2024.
Read comments from SAP partners here.
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Media Contact:
Jillian Baker, +1 (212) 653-9600, jillian.baker@sap.com, ET
SAP Press Room; press@sap.com
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WALLDORF - SAP SE (NYSE: SAP) today announced a new composable payment solution to help retailers stay ahead of changing customer expectations.
The new solution, SAP Commerce Cloud, open payment framework, helps retailers become more agile as new payment options - such as buy now, pay later - gain popularity. The framework also integrates with any third-party Payment Service Provider (PSP), including Stripe, Adyen, WorldPay and Airwallex, based on their specific use case.
SAP partners are an extension of our business, bringing experience and domain expertise that help retailers innovate, transform, and simplify. SAP's payment partner ecosystem is made up of many providers who are solving some of the most critical industry or region-specific business needs to empower shoppers to buy and pay on their own terms.
SAP partners are important to this initiative. Read the following comments from SAP partners, many of which have apps available on the SAP Store online marketplace, about their involvement.
Adyen
"Adyen has a strong foundation of servicing customers through our existing SAP Commerce Cloud integration, and the open payment framework is the first step of a larger strategic partnership with the goal of enabling digital payments for customers across a larger range of SAP solutions. Adyen and SAP support some of the world's largest enterprise organizations, and this partnership provides a gateway for those companies to easily migrate to a single global payments platform with the flexibility and support that Adyen is known for. Working closely with SAP, we intend to scale our already considerable payments processing volumes to the next level."
- Kyle Jenke, VP, Global Head of Partnerships, Adyen
Worldpay
"Worldpay's collaboration with SAP using the new open payment framework for SAP Commerce Cloud aims to revolutionize the way businesses manage their payment processing, offering seamless and secure solutions for our customers around the globe. By combining SAP's industry-leading software with Worldpay's innovative payment technology, we can provide businesses with a comprehensive payment ecosystem that optimizes efficiency, enhances security, and drives growth. We look forward to the exciting opportunities this collaboration around SAP Commerce Cloud will bring, and we are committed to continuing to innovate and provide cutting-edge solutions in the payment industry."
- Maria Prados, SVP, Global Enterprise Go to Market, Worldpay
Airwallex
"This is an important first partnership between Airwallex and SAP, as we mutually look to support merchants with their international expansion plans. As one of four official payment service providers added to the SAP Commerce Cloud solution, Airwallex's global payments and proprietary financial infrastructure will provide merchants with even more choices and payment options that suit their growing customer base. This is the start of a long-term relationship in which we look forward to strengthening our enterprise playbook and further scaling into the Americas and EMEA while supporting SAP's business in APAC."
- Ravi Adusumilli, EGM, Americas, Airwallex
Media Contact:
Jillian Baker, +1 (212) 653-9600, jillian.baker@sap.com, ET
SAP Press Room; press@sap.com
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SAP SE published this content on 14 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 March 2024 13:45:04 UTC.
