Oracle and Mastercard partner to enable customers to get faster access to working capital

Oracle and Mastercard today announced a new partnership to help enterprise customers automate end-to-end business-to-business (B2B) payment transactions. The partnership allows Oracle to directly connect Oracle Fusion Cloud Enterprise Resource Planning (ERP) with banks to streamline and automate the entire B2B finance and payment process.

Many companies desire simpler commercial payment experiences. Yet, disparate data, systems, and processes across the ecosystem hinder enterprises and their suppliers to efficiently transact. To address these challenges and enable organisations to securely connect and share information across all trading parties, Oracle will leverage Mastercard’s innovative virtual card platform to help expedite end-to-end financial transactions for Oracle’s corporate customers and enable banks to offer value-added services inside Oracle Cloud ERP.

“Mastercard’s virtual card technology is well placed to play a significant role in transforming commercial payment experiences,” said Eugene Bourke, executive vice president, Global Partnerships and Segments, Mastercard. “By integrating finance and payment capabilities into Oracle Cloud ERP, corporate customers get simpler access to services to grow their business, and banks can enhance their offering delivering a timely and personalised service.”

Embedding Mastercard’s virtual card technology can help eliminate months of implementation work and help customers significantly reduce card program setup, configuration, and technical complexity. As a result, mutual Oracle Cloud ERP and Mastercard customers will be able to benefit from:

• Virtual Cards for Supplier Invoice Payments: Enabling organisations to identify suppliers that accept cards, automate virtual card generation and high-volume payment runs, and streamline the bank reconciliation process in Oracle Cloud ERP. End-to-end payment processing includes automatic direct transfer to supplier’s bank accounts and streamlined remittance reconciliation for suppliers.
• Virtual Cards for Corporate Purchases: Enabling organisations to replace traditional payment methods with secure virtual cards to increase fraud protection and allows procurement teams to centrally manage employee virtual card requests supporting business purchases on demand.

Once Mastercard’s virtual cards are embedded in Oracle Cloud ERP, customers can pay suppliers quickly and securely via Mastercard’s leading global payments network. Customers can activate services easily with their banks to manage cash flow, improve fraud protection, and receive program incentives. In addition, suppliers benefit from faster payment, lower collection risk, and streamlined accounts receivable.

Major banks are working with Oracle to improve the user experience and encourage virtual payment card adoption. HSBC is the first bank to embrace the solution and will offer the embedded virtual card experience to Oracle customers in the U.S. and U.K.

“Embedding HSBC’s financial services into the systems that our clients use day to day, is a key focus for us. Many of our HSBC customers are also users of Oracle Cloud ERP and so this partnership makes perfect sense,” said Brian Tomkins, managing director, Global Head of Commercial Cards, HSBC. “We’ll be working with Oracle and Mastercard to offer this opportunity to our mutual clients around the globe.”

“Business-to-consumer transactions have been getting faster and easier for years, but B2B transactions remain incredibly complex and inefficient,” said Rondy Ng, executive vice president of Applications Development, Oracle. “Our partnerships with Mastercard and the global banking community are revolutionising how organisations transact, allowing our customers to manage cash, access credit, and secure financing, all within Oracle Cloud ERP.”