Discover Financial Services (DFS - Free Report) has collaborated with JAGGAER, the world's largest independent spend management company, to launch a procure-to-pay solution. The company’s payment brand Discover Global Network’s settlement capabilities along with JAGGAER One platform’s spend management abilities would contribute to this newly-unveiled B2B payment solution.
Payments made on the JAGGAER One Platform, a wide network consisting of more than 2000 customers and 4 million suppliers across 70 countries, would now be supported by the Discover Global Network. The company expects this tie-up to help customers with virtual card numbers in early 2020 and several other transaction options later in the year.
Buyers will be benefited by availing of an affordable and trustworthy way to make purchase orders, receive invoices, send money, etc. Meanwhile, sellers would gain traction from a detailed remittance information.
The involved companies expect to take transaction processing to an advanced level with the launch of this unique solution. Payments can be processed via one system rather than relying on multiple procurement systems.
This move is in line with Discover Financial’s commitment to provide customers with seamless payments solutions.
In August, Discover Global Network and Verve, a market-leading payments technology company, teamed up to launch the Verve Global Card. With this deal, cardholders can access their Verve Global Cards on the Discover Global Network that will enable acceptance at multiple merchants worldwide.
Over the past few years, this major card issuer in the United States have consistently put in efforts to come up with new products tailored to suit specific customer needs in order to attract more traffic. Discover Financial is also active in forging alliances and partnerships, which led to an expansion in card sales volume on average rate of 4.6% in the last five years (2013-2018), primarily owing to a rise in the number of customers using Discover card.
We believe that the significant investments in marketing and business development will continue to drive Discover Financial’s card account growth and card sales volumes in the future.
Shares of this Zacks Rank #4 (Sell) have lost 1.2% in a year’s time, narrower than its industry's decline of 1.7%.
Stocks to Consider
Investors interested in the finance sector might take a look at some better-ranked stocks like AXA Equitable Holdings, Inc. (EQH - Free Report) , Ally Financial Inc. (ALLY - Free Report) and Cardtronics PLC (CATM - Free Report) . You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AXA Equitable works as a diversified financial services company worldwide. It delivered average four-quarter beat of 14.02%. The stock carries a Zacks Rank #2 (Buy).
Ally Financial offers various financial products and services. It carries a Zacks Rank of 2 and managed to pull off average positive surprise of 9.4%.
Cardtronics offers automated consumer financial services through its network of automated teller machines and multi-purpose financial services kiosks. The company came up with average four-quarter beat of 37.5% and flaunts a Zacks Rank #1.
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