SAP SE reveals a new payment management solution aimed at retailers

This Thursday, March 14, SAP SE unveiled a new solution created to help retailers by providing them with greater flexibility regarding payments. The solution, known as the SAP Commerce Cloud Open Payment Framework, allows retailers to navigate the rapidly evolving consumer payment preferences.

In doing so, the solution will empower its users, allowing them to stay ahead of constantly shifting customer expectations.

SAP’s new solution and what it can do

The retail sector has seen massive changes over the last few years, and while many have done their best to adapt, it is a slow and ever-changing process to chase after customer expectations. For example, one of the biggest innovations in the last few years came in the form of emerging payment options, like buy now, pay later (BNPL).

With this becoming an option, retailers had to rush and implement this payment solution or risk losing customers to competitors who had it. Similar changes have been happening for years, and retailers always end up facing the same problems.

Now, SAP unveiled its newest solution meant to address this demand for speed and agility. This latest innovation was created by integrating the SAP Commerce Cloud platform with numerous third-party payment service providers, such as Airwallex, Stripe, Worldpay, and Adyen.

According to SAP’s Senior Vice President and Global Head of Product Marketing for SAP Industries & CX, Sven Denecken, the company commands unmatched industry expertise. This is what acts as the foundation of its new strategy since it allows the firm to understand the complexities of delivering a seamless and positive customer experience that reinforces the brand promise with each individual interaction.

“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,” Denecken added.

Greater freedom of picking payment partners

The main appeal of this solution lies with SAP’s composable architecture. This is what allows retailers greater freedom when it comes to picking payment partners. Essentially, they get to create a tailored payment experience that fits their unique requirements.

This is a modular approach that does not only allow retailers to build at their own pace but further facilitates faster scalability. At the same time, it prevents them from having to depend on a single provider.

Furthermore, SAP Commerce Cloud comes with seamless integration capabilities. This removes the complexity typically associated with the integration and deployment of payment service providers’ extensions and helps streamline adoption.

The extensibility and headless architecture of the framework make sure that the front-end and back-end operations stay decoupled. This empowers retailers to cater to diverse channel requirements while incorporating new solutions seamlessly.