To help organizations reduce the cost of doing business, improve the customer experience, and introduce new offerings, Oracle has launched new services that will integrate and automate end-to-end business-to-business (B2B) transactions. The new Oracle B2B Commerce eliminates the disparate systems, processes, and data integration challenges that make B2B transactions so complex by directly connecting more than 40,000 buyers, sellers, and service providers via Oracle Cloud Enterprise Resource Planning (ERP). For example, Oracle B2B Commerce will provide integrations with J.P. Morgan’s Payments business, which includes the firm’s treasury services, trade, commercial card and merchant services capabilities, for integrated banking and J.P. Morgan travel card and expenses services as well as a planned logistics services integration as part of the FedEx Compatible program.
“To complete a deal, trading partners need to work through many manual interactions and each step in the process adds time and inefficiencies, introduces the possibility of human error, and takes buyers and sellers away from more strategic work,” said Rondy Ng, executive vice president of applications development, Oracle. “With Oracle B2B Commerce’s integrations with J.P. Morgan Payments and FedEx, our customers will be able to automate purchasing, selling, financing, shipping, billing, and payments to reduce the cost of doing business.”
Oracle B2B Commerce will combine direct connectivity between Oracle Cloud ERP and service providers ranging from J.P. Morgan Payments and FedEx to other financial services firms, insurance companies, and delivery services with a unified data model and secure workflows to digitize the entire B2B commerce process for mutual customers. By enabling 40,000 businesses to seamlessly transact and share information across all trading parties, Oracle B2B Commerce helps expedite the completion of transactions and improve the customer experience. It also enables organizations to offer new services including new payment solutions.
A direct integration with J.P. Morgan Payments will enable Oracle Cloud ERP mutual customers to benefit from:
- Integrated banking services: Deliver turnkey connectivity and integration with J.P. Morgan Payments that helps significantly reduce payment set-up, configuration and technical complexity. Customers will be able to integrate parts of the J.P. Morgan Payments offering and can operate in Cloud ERP within hours and eliminate weeks of technical integration work during implementation. Fully automated end-to-end payment processing maximizes efficiency in funds capture, cash disbursement, and credit card processing. In addition, real-time cash positions enable timely, predictive cash forecasting.
- Integrated J.P. Morgan travel card and expenses: Improve employee experience and reduce reimbursement cycle through a new touchless mobile experience. When a mutual customer’s linked J.P. Morgan corporate card is charged, authorization data will be sent in near real-time so that business expenses get recorded, itemized, and audited automatically. This eliminates tedious expense report filing, streamlines approvals, and helps accelerate reimbursement.
Hubert J.P. Jolly, managing director, J.P. Morgan Payments, said, “Our goal is to provide cutting-edge payments solutions that transform the financial services ecosystem. This requires us to be where our customers are doing business. We are delighted to work with Oracle, allowing its customers to gain seamless access to J.P. Morgan Payments’ offering, including improved cash flow insights and helping to accelerate business transactions.”
A planned FedEx Compatible program solution will enable Oracle Cloud ERP customers to benefit from:
- Integrated Logistics Services: Eliminate custom integrations and provide native on-boarding, real-time rate quoting, shipping, and tracking capabilities. Oracle further plans to deliver advanced capabilities to help optimize logistics operations in order to reduce delivery costs and improve performance.
“Trade remains a key growth generator for our economy. We at Oracle, wanted to streamline this critical process and help buyers and sellers focus more on strategic work. With our new B2B Commerce services, we are building a network of 40,000 buyers and sellers and automating end-to-end business-to-business (B2B) transactions. By combining the capabilities of Oracle ERP, one of our flagship offerings, we are creating a combined unified data model and secure workflows with direct connectivity with service providers ranging from J.P. Morgan and FedEx to other financial services firms, insurance companies, and delivery services to digitise the entire B2B commerce process”, said Deepa Param Singhal, Vice President, Cloud Applications, Oracle India.
“With this we intend to create a much larger, faster, integrated and holistic trading structure to contribute to our nation’s economic capabilities”, she added.
Organizations of all sizes rely on Oracle Cloud Applications to run their most important business operations. Built and run-on Oracle Cloud Infrastructure, Oracle Fusion Cloud Applications Suite, Oracle NetSuite, and Oracle’s portfolio of industry-specific applications deliver the scalability, security, and performance today’s businesses demand. Oracle’s self-updating platform provides customers with the industry’s most advanced technologies every quarter, giving organizations the ability to build, innovate, automate, adapt, and leverage new business opportunities on-demand.
