Las Vegas (The Hawk): Oracle has introduced new services that will integrate and automate complete business-to-business (B2B) transactions to aid firms in lowering operating expenses, enhancing customer experiences, and introducing new products. The new Oracle B2B Commerce connects more than 40,000 buyers, sellers, and service providers directly via Oracle Cloud Enterprise Resource Planning, eliminating the disparate systems, processes, and data integration difficulties that make B2B transactions so complex (ERP). For instance, Oracle B2B Commerce will offer integrations with J.P. Morgan's Payments business, which consists of the bank's treasury, trade, commercial card, and merchant services capabilities, for integrated banking and J.P. Morgan travel card and expenses services, as well as a planned integration with logistics services as part of the FedEx Compatible programme.
According to Rondy Ng, executive vice president of applications development at Oracle, "trading partners must engage in numerous manual interactions to complete a deal. Each step in the process adds time and inefficiencies, introduces the possibility of human error, and diverts buyers and sellers from more strategic work." Our customers will be able to automate buying, selling, financing, shipping, billing, and payments with the help of Oracle B2B Commerce's integrations with J.P. Morgan Payments and FedEx, which will help them lower their costs of doing business.
To digitise the entire B2B commerce process for shared customers, Oracle B2B Commerce will integrate direct connectivity between Oracle Cloud ERP and service providers such as J.P. Morgan Payments and FedEx as well as other financial services companies, insurance companies, and delivery services. It will also use a unified data model and secure workflows. Oracle B2B Commerce helps hasten transaction completion and enhance customer experience by enabling 40,000 organisations to exchange information and trade in real-time with all trading parties. Additionally, it enables businesses to provide new services, such as fresh payment methods.
Customers of both J.P. Morgan Payments and Oracle Cloud ERP will gain from a direct integration.
Deliver turnkey connectivity and integration with J.P. Morgan Payments to provide integrated banking services that dramatically lower the technical complexity and set-up time for payments. Customers will be able to integrate specific J.P. Morgan Payments offerings and start using cloud-based enterprise resource planning (ERP) within hours, doing away with the need for weeks of technical integration work during implementation. The efficiency of money capture, cash payout, and credit card processing are all maximised by fully automated end-to-end payment processing. Real-time cash positions also allow for timely, accurate cash forecasting.
J.P. Morgan integrated travel card and expenses Through a novel touchless mobile experience, enhance employee experience and shorten the reimbursement cycle. Authorization information will be supplied in almost real-time when a J.P. Morgan corporate card linked to a mutual client is charged, ensuring that business spending are automatically documented, itemised, and audited. As a result, filing time-consuming expenditure reports is no longer necessary, and approvals are processed more quickly.
Hubert According to J.P. Jolly, worldwide co-head of corporate and online sales at J.P. Morgan Payments, "Our objective is to offer innovative payment solutions that change the financial services industry. In order to do this, we must be present where our consumers conduct business. We are excited to collaborate with Oracle to provide its clients with seamless access to J.P. Morgan Payments' services, which include better cash flow insights and assistance with speeding up business transactions."
The following benefits will be available to Oracle Cloud ERP clients through a future FedEx Compatible programme solution:
Integrated Logistics Services: Provide native on-boarding, real-time rate quotation, shipping, and tracking capabilities instead of using proprietary integrations. Oracle also intends to provide cutting-edge technologies to assist in streamlining logistics operations to save delivery costs and boost performance.
Oracle Cloud Applications are used by businesses of all sizes to manage their most crucial business processes. The scalability, security, and performance that today's organisations require are delivered by Oracle's portfolio of industry-specific applications, Oracle NetSuite, and the Oracle Fusion Cloud Applications Suite, which are all built and run on Oracle Cloud Infrastructure. Every quarter, Oracle's self-updating platform gives customers access to the most cutting-edge technology in the market, enabling businesses to quickly create, develop, automate, adapt, and take advantage of new business opportunities.
(Inputs from Agencies)
