"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, Oracle's executive vice president of applications development, in a statement. "With Oracle B2B Commerce's integrations, our customers will be able to automate purchasing, selling, financing, shipping, billing, and payments to reduce the cost of doing business."
Oracle B2B Commerce combines 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. Oracle said this directly connects over 40,000 businesses with each other, allowing them to seamlessly transact and share information across all trading parties. It also enables organizations to offer new services including new payment solutions.
The integration with JP Morgan Payments software will also allow for integrated banking services that includes the company's treasury services, trade, commercial card and merchant services capabilities, for integrated banking and J.P. Morgan travel card and expenses services. 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, eliminating the need for expense report filing.
The planned FedEx integration, meanwhile, will 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.
The new features are accessible via Oracle Cloud Enterprise Resource Planning.
