Oracle Revolutionizes B2B Commerce to Reduce the Cost of Doing Business
J.P. Morgan Payments and FedEx will help launch Oracle B2B Commerce to automate end-to-end processes
LAS VEGAS, Oct. 19, 2022 /PRNewswire/ -- Oracle CloudWorld -- 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, global co-head of corporate and e-commerce sales, 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.
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Forward-Looking Statements Disclaimer
Statements in this article relating to Oracle's future plans, expectations, beliefs, and intentions are "forward-looking statements" and are subject to material risks and uncertainties. Many factors could affect Oracle's current expectations and actual results, and could cause actual results to differ materially. A discussion of such factors and other risks that affect Oracle's business is contained in Oracle's Securities and Exchange Commission (SEC) filings, including Oracle's most recent reports on Form 10-K and Form 10-Q under the heading "Risk Factors." These filings are available on the SEC's website or on Oracle's website at http://www.oracle.com/investor. All information in this article is current as of October 19, 2022 and Oracle undertakes no duty to update any statement in light of new information or future events.
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