THE cost of doing business–mostly small, incremental, sometimes unseen expenses that slowly chip away at the bottom line, sometimes even driving away or missing customer opportunities or stagnating the operations–this is what Oracle wants to fix with their newest B2B Commerce offering, designed to automate end-to-end processes.
“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,” Rondy Ng, executive vice president of applications development, Oracle explained.
The new Oracle B2B Commerce eliminates disparate systems, processes, and data integration challenges that convolute B2B transactions by directly connecting more than 40,000 buyers, sellers, and service providers via Oracle Cloud Enterprise Resource Planning (ERP).
Integrations with J.P. Morgan’s Payments business, including the firm’s treasury, trade, commercial card, and merchant services, and J.P. Morgan travel card and expenses services as well as a planned logistics services integration as part of the FedEx Compatible program are features of the system.
“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,” Ng adds.
By combining direct connectivity between Oracle Cloud ERP and the top financial, insurance or logistics services within the vast Oracle customer ecosystem with a unified data model and secure workflows, digitalizing the entire B2B commerce process for mutual customers is implemented. By enabling 40,000 businesses to seamlessly transact and share information across all trading parties, 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 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.
Connecting to an integrated J.P. Morgan travel card and expenses module improves 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.
“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,” Hubert J.P. Jolly, managing director, J.P. Morgan Payments said.
A planned FedEx Compatible program solution will enable Oracle Cloud ERP customers to benefit from integrated logistics services that 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.
