Given the vast sums of money transferred among businesses, financial institutions, and third-party service providers every day, you’d think B2B processes and systems would be finely tuned. But they’re not. Complexities and inefficiencies arise from disparate systems, processes, and data that can result in slower cash flows and other issues across the entire trading ecosystem. Ironically, it can be a far better experience setting up a friend for a Zelle or Venmo payment than it is setting up bank integrations to pay suppliers.
We are changing that in Oracle Fusion Cloud ERP, starting with prebuilt, high-value integrations to financial institutions and logistics providers.
Currently, many Fusion Apps customers build integrations with their banks and other service providers, but it can take 6-12 weeks and require a significant investment of IT or consulting resources for each custom bank connection. Just getting the payment file format right to exchange data could require several back and forth cycles with the provider. So, we are going to do that work for you.
We’re embedding integrations between Oracle Cloud ERP and strategic partners to automate and simplify buying, selling, paying, and shipping processes for companies to transact with one another. This means your organization can get direct connectivity within a few hours rather than weeks. These B2B connections use industry-standard file formats and stay current since they are part of Fusion Apps quarterly updates. Let’s look at a few examples.
Integration with J.P. Morgan gives Oracle customers direct access to a range of financial services including bank account synchronization, automated AP and AR payment processing, corporate credit card processing with touchless expense reporting, and automated statement reconciliation embedded in Oracle Cloud ERP. We’ve also developed a co-branded travel and entertainment (T&E) card that enables the automatic recording, itemization, and audit of expenses. This greatly improves efficiency and reduces end-user hassles.
FedEx and Oracle have partnered to embed real-time rate quoting, shipping, tracking, and billing services in Oracle Fusion Cloud Transportation Management and Oracle Fusion Cloud Warehouse Management. FedEx Freight analytics can now be leveraged to optimize costs, on-time delivery, and ESG compliance. Uber Freight and Schneider have similar partnerships with Oracle, allowing shippers to take advantage of real-time pricing and tendering capabilities and instant, reliable capacity.
We’re also building integrations with other banks and service providers to enable additional, value-added services in Oracle Cloud ERP. For example, Oracle, HSBC, and Mastercard have partnered to make virtual card payments easier for corporate buyers and sellers. Together, we are offering support for virtual cards, which are digital payment methods that function like the ones in a Google Pay or Apple Pay wallet (i.e., secured credit cards you can use without a physical card).
With functionality embedded directly in Oracle Cloud ERP, HSBC virtual cards connect to Mastercard’s global virtual card platform, allowing corporate buyers to process high-volume payment runs securely and streamline the bank reconciliation process. This helps Oracle Cloud ERP customers optimize cash flow, replace check payments, improve fraud protection, and potentially generate financial rebates. It also helps suppliers receive payments faster, reduce collection risk, and streamline their accounts receivables.
In addition, we’ve partnered with Avalara, a leading provider of tax automation software, to give Oracle customers multi-country tax calculation, evergreen tax content, and access to tax returns services directly in Oracle Cloud ERP.
With tens of thousands of ERP customers, including many top payments and logistics providers, Oracle is well positioned to remove friction in B2B transactions at scale. We continue to embed integrations that make it easier for you to get more value, faster, from Fusion Apps and third-party service providers.
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The Fusion Development team is responsible for building, maintaining, and driving innovation on the Oracle Fusion Cloud Applications Suite, which includes Oracle ERP, EPM, SCM, HCM, and CX. Its members are based throughout the world with central offices in the US, India, Mexico, The Philippines, and Romania.