J.P. Morgan Payments Expands Oracle Partnership to Streamline Payments Across Treasury, Trade and Commerce
11 September 2024 - 3:00PM
Business Wire
J.P. Morgan Payments and Oracle enhance
existing cloud enterprise resource planning (ERP) integration with
new solutions across Oracle platforms
J.P. Morgan Payments today announced new and enhanced product
integrations connecting to the Oracle ecosystem, making it easier
for clients to streamline their payments across treasury, trade and
commerce.
Since 2021, J.P. Morgan Payments and Oracle have been partnering
to provide mutual corporate clients enhanced functionality and
easier connectivity. These new integrations build on the success of
J.P. Morgan Payments' Banking Services integration into Oracle
Fusion Cloud Enterprise Resource Planning (ERP), which was
announced at Oracle CloudWorld 2022 and delivers a first-of-
its-kind solution with turnkey connectivity for reporting and
payments.
New and enhanced product integrations include:
- Banking Services: Deliver real-time cash balance visibility
through J.P. Morgan Payments to help corporate treasury make
informed and smarter decisions.
- Touchless Expense: Create expense reports faster using near
real-time transaction authorization data through J.P. Morgan
Commercial Cards and Oracle Fusion Cloud. After a 12-month pilot
with Oracle, this integration is available for all corporate
clients.
- Supply Chain Finance: Unlock working capital by optimizing
payment terms with vendors delivered by J.P. Morgan Trade and
Working Capital financing platforms integrated with Oracle Fusion
Cloud.
- Commerce Suite: Streamline in-store merchant payments by
connecting J.P. Morgan Payments’ in-store payment application with
the Oracle Payment Interface to accept point-of-sale (POS) payments
consistently across J.P. Morgan Payments’ terminals. This includes
two Oracle products across industries: Oracle Simphony for food and
beverage and Oracle Xstore for retail, both of which will be
available soon.
“We're thrilled to expand our Oracle partnership with new
integrations that enhance functionality and streamline operations
for our clients,” said Hubert J.P. Jolly, Head of Digital &
Design at J.P. Morgan Payments. “Combining Oracle's technology with
our secure ecosystem empowers clients to create integrated payment
experiences and accelerate business growth.”
Details about the new integrations will be available through the
J.P. Morgan Payments Partner Network, which combines J.P. Morgan
Payments' solutions with third-party integrations to help clients
build, implement and optimize their payment strategies. Clients
leveraging these integrations are able to go live quicker, with
little to no IT lift, and are able to access J.P. Morgan Payments
offerings directly from Oracle Cloud applications.
“By embedding turnkey bank connectivity, payments and working
capital options within our AI-driven Oracle Fusion Cloud ERP, we’re
delivering continuous innovation that matters to our customers,”
said Rondy Ng, Executive Vice President of Applications Development
at Oracle. “The J.P. Morgan and Oracle partnership enables our
mutual clients to achieve touchless transactions, gain cash
insights, and connect actions across finance and the business.”
A client already benefitting from J.P. Morgan Payments’ Banking
Services integration with Oracle Fusion Cloud ERP is Avis Budget
Group, Inc. Avis Budget Group is a leading global provider of
mobility solutions, both through its Avis and Budget brands, which
have more than 10,000 rental locations in approximately 180
countries around the world, and through its Zipcar brand, which is
the world's leading car sharing network. According to Avis Budget
Group, “Being able to leverage the banking integration between J.P.
Morgan Payments and Oracle Fusion Cloud ERP is an exciting
opportunity. With the pre-configured setup, we aim to enhance our
workflows along with streamlining our reconciliation process. The
enhanced acknowledgments and Oracle managed certificates are an
added benefit."
J.P. Morgan Payments and Oracle plan to introduce additional
product integrations over time in response to evolving trends and
client demand.
J.P. Morgan Payments combines treasury services, trade &
working capital, card and merchant services capabilities to help
clients pay customers or employees, in different currencies, around
the world. It processes nearly $10 trillion payments daily,
operating in over 160 countries and over 120 currencies. In 2023,
J.P. Morgan Payments reported $18.3 billion in revenue across the
firm, up from approximately $14 billion in 2022, representing a 31
percent increase, excluding the impact of equity investments.
J.P. Morgan Payments is showcasing the new and enhanced product
integrations at Oracle CloudWorld 2024 taking place Sept. 9-12 in
Las Vegas. For more information, please visit this page.
About J.P. Morgan’s Corporate & Investment Bank
J.P. Morgan’s Corporate & Investment Bank is a global leader
across banking, markets and securities services. The world’s most
important corporations, governments and institutions entrust us
with their business in more than 100 countries. With $32.4 trillion
of assets under custody and $660.8 billion in deposits, the
Corporate & Investment Bank provides strategic advice, raises
capital, manages risk and extends liquidity in markets around the
world. Further information about J.P. Morgan is available at
www.jpmorgan.com.
About Oracle
Oracle offers integrated suites of applications plus secure,
autonomous infrastructure in the Oracle Cloud. For more information
about Oracle (NYSE: ORCL), please visit us at www.oracle.com.
About Avis Budget Group
We are a leading global provider of mobility solutions, both
through our Avis and Budget brands, which have approximately 10,250
rental locations in approximately 180 countries around the world,
and through our Zipcar brand, which is the world's leading car
sharing network. We operate most of our car rental locations in
North America, Europe and Australasia directly, and operate
primarily through licensees in other parts of the world. We are
headquartered in Parsippany, N.J. More information is available at
www.avisbudgetgroup.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240911865333/en/
Media Contact Jazmin Beltran,
jazmin.beltran@jpmchase.com
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