SAP-backed Tereina launches payment service inside SAP’s business software
FILE PHOTO: A logo on the SAP exhibition space at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 15, 2022. REUTERS/Benoit Tessier/File Photo
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Oct 6 : Tereina, a payments company in which SAP owns a stake, on Tuesday launched technology that lets businesses pay suppliers, employees and affiliates directly from their SAP software in traditional currencies or stablecoins.
The launch introduces a payments layer inside business software that companies already use to track their money. Until now, SAP had stopped short of payments and let customers connect their own providers, Tereina CEO Cedric Bru said, while declining to disclose the size of SAP’s stake in the company.
• SAP customers can subscribe to the new SAP Pay services under existing contracts
• Bru compares the offering to Apple Pay as a payment service native to the system it runs in
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• Tereina was built with AI coding tools and the project ran for two and a half years, most of it in the past 18 months, with a staff of a few dozen in San Francisco
• It partners with other payment providers rather than competing with them, claiming a 25 per cent cut in payment costs
Source: Reuters
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