Following this announcement, Oracle will be given the possibility to directly connect its Oracle Fusion Cloud Enterprise Resource Planning (ERP) with banks and financial institutions, aiming to streamline and automate the entire business-to-business finance and payment procedures.
Furthermore, Oracle will use Mastercard’s virtual card platform in order to optimise the process of expediting end-to-end financial transactions for its corporate and enterprise clients, as well as enabling banks to provide their users with value-added solutions within the Oracle Cloud ERP. This aims to address the challenges companies meet and allow them to securely connect and share information across all trading parties.
By incorporating finance and payment capabilities with the Oracle Cloud Enterprise Resource Planning, clients will be able to benefit from simpler access to the needed solutions for their development process. At the same time, banks will be allowed to improve their offerings, by delivering a personalised, efficient, and secure service.
Mastercard’s virtual card technology will be used to reduce card program setup, configuration, and technical complexity, focusing on eliminating months of implementation work. Clients and users will be enabled to benefit from multiple tools and features.
Included in these services are the virtual cards for supplier invoice payments, which is set to enable firms to identify suppliers that accept cards, streamline the bank reconciliation procedure in Oracle Cloud ERP, as well as automate virtual card generation and high-volume payment returns. The end-to-end payment processing includes streamlined remittance reconciliation for the suppliers and automatic direct transfers for the supplier’s bank accounts.
Moreover, customers will be able to use the virtual cards for corporate purchases as well. The products can be used to replace traditional payment methods with secure and efficient virtual cards in order to increase fraud protection. In addition, the feature will also give procurement teams the possibility to centrally manage employee virtual card requests, for supporting the overall business purchases on demand.
Users will be enabled to pay suppliers in a fast and safe manner, via Mastercard’s global payments network, once the virtual cards are embedded in the Oracle Cloud Enterprise Resource Planning. After the clients activated the cards with their banks, they will be allowed to manage cash flow, receive program incentives, and optimise the overall fraud protection process. Suppliers can benefit from lower collection risks, streamlined accounts receivable, and faster payments as well.
One of the banks that incorporated the solution was HSBC, aiming to provide its customers from the US and the UK with the embedded virtual card experience, as well as to optimise the user experience and encourage virtual payment card adoption. Mastercard’s recent partnerships
The payment-processing corporation had multiple deals and partnerships in the last couple of months, covering different geographic areas around the globe.
In September 2023, Mastercard announced its collaboration with Denmark-based Saxo Bank in order to incorporate Open Banking payments in its investment platforms. The companies focused on making the process of transferring money into investment accounts in a more efficient and secure manner, for the bank’s customers and users.
Earlier in the same month, the procurement and supply chain AI-drive software provider GEP collaborated with Mastercard to embed its virtual card technology for improved business-to-business payments. The firms aimed to simplify the commercial payment experience within the GEP SOFTWARE platform by using Mastercard’s virtual card tech.
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