Cloud applications and infrastructure provider Oracle has announced that J.P. Morgan and FedEx are among the first service providers that will participate in the new Oracle B2B Commerce offering, which includes services that will integrate and automate end-to-end B2B transactions.
Oracle B2B Commerce directly connects buyers, sellers and service providers via Oracle Cloud Enterprise Resource Planning (ERP), eliminating the need for disparate systems, processes and data integration challenges, Oracle said in a Wednesday (Oct. 19) press release.
When launched, it will provide integrations with J.P. Morgan’s Payments business, which includes banking services and travel card and expenses services. There are also plans to integrate logistics services as part of the FedEx Compatible program, according to the release.
“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,” Oracle Executive Vice President of Applications Development Rondy Ng said in the release. “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.”
Beyond those two companies, Oracle B2B Commerce will also enable direct connectivity with other service providers like financial services firms, insurance companies and delivery services. It will also digitize the entire B2B commerce process for mutual customers, enabling trading parties to seamlessly transact and share information, according to the press release.
PYMNTS research has found that ERP systems are valuable tools for surmounting common friction points in B2B payments markets, including invoice reconciliation and a lack of supplier portals.
ERPs manage and automate invoice creation, accounts payable (AP) and a host of other B2B payment tasks, reducing the burden on human accounting staff, according to “Meeting the Challenge of Payments Modernization,” a PYMNTS and FIS collaboration.
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