„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.” – according to the press release.
„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.” the company explained.
“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.” the company added.
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 can be implemented across industries such as retail, automotive, consumer products, utilities, and many others globally. 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.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
