J.P. Morgan and Oracle Team Up for Enhanced Payment Solutions
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J.P. Morgan and Oracle Forge Stronger Payment Connections
In a dynamic move, J.P. Morgan Payments announced its significant expansion of the partnership with Oracle. This collaboration aims to revolutionize the way businesses manage payments across treasury, trade, and commerce, ultimately creating a smoother operational experience for clients.
Advancements in Integrated Solutions
Since the beginning of their collaboration in 2021, both companies have worked diligently to provide corporate clients enhanced functionality and seamless connectivity. These new integrations are a testament to their successful journey, including the introduction of J.P. Morgan Payments’ Banking Services integration with Oracle Fusion Cloud ERP.
Revolutionizing Payment Processes
This groundbreaking integration, revealed at Oracle CloudWorld, stands as the first of its kind, offering robust solutions that streamline payment processes and reporting functionalities effectively.
New Product Integrations Introduced
The newly enhanced features include:
- Banking Services: Clients gain unprecedented visibility into real-time cash balances. This feature equips corporate treasury teams to make more informed decisions confidently.
- Touchless Expense: Businesses can create expense reports with remarkable efficiency, utilizing near real-time transaction authorization data through J.P. Morgan Commercial Cards and Oracle Fusion Cloud.
- Supply Chain Finance: Unlocking working capital becomes hassle-free as clients optimize payment terms with vendors using J.P. Morgan's Trade and Working Capital financing platforms.
- Commerce Suite: J.P. Morgan Payments creates a consistent in-store payment experience by connecting its application with Oracle's Payment Interface, accommodating various industries, including food and beverage and retail.
Feedback from Industry Leaders
Hubert J.P. Jolly, Head of Digital & Design at J.P. Morgan Payments, expressed enthusiasm about this partnership expansion, emphasizing how the blend of Oracle's cutting-edge technology with their secure systems empowers clients to enhance their payment experiences and drive growth.
Rondy Ng, Executive Vice President of Applications Development at Oracle, highlighted that embedding seamless bank connectivity within their AI-powered Oracle Fusion Cloud ERP signifies a leap towards continuous innovation that benefits customers.
Client Success Story
A shining example of this integration's success is Avis Budget Group, Inc. This global leader in mobility solutions has leveraged the banking capabilities of J.P. Morgan Payments alongside Oracle Fusion Cloud ERP to streamline operations and enhance workflow processes, optimizing its reconciliation efforts.
Looking Ahead
Both J.P. Morgan Payments and Oracle are committed to continuous improvements and plan to introduce additional product integrations based on evolving trends and the demands of their corporate clients in the future.
J.P. Morgan Payments offers a comprehensive suite that includes treasury services, trade and working capital, and card services to support clients in making payments to customers and employees across more than 120 currencies worldwide. The firm processes nearly $10 trillion in payments daily, reflecting a significant increase in revenue, reported at $18.3 billion in 2023.
This exciting collaboration is set to take center stage at Oracle CloudWorld 2024, where more insights and innovations will be showcased.
About J.P. Morgan’s Corporate & Investment Bank
J.P. Morgan’s Corporate & Investment Bank remains a global leader across various financial services. The firm manages $32.4 trillion in assets under custody, providing strategic advice and capital management across more than 100 countries.
About Oracle
Oracle provides businesses integrated applications and secure cloud solutions for optimizing operational efficiencies. For detailed offerings, interested parties can visit their website.
About Avis Budget Group
Avis Budget Group operates as a leading provider of mobility solutions globally, managing over 10,000 rental locations. Its proactive integration with J.P. Morgan Payments has positioned it to optimize efficiency and improved service delivery.
Frequently Asked Questions
What is the purpose of the partnership between J.P. Morgan and Oracle?
The partnership seeks to create enhanced integrations that streamline payments across treasury, trade, and commerce, benefiting corporate clients.
How long have J.P. Morgan and Oracle been partnering?
They have collaborated since 2021 to enhance functions for their mutual corporate clients.
What are the key features of the new product integrations?
New features include Banking Services, Touchless Expense, Supply Chain Finance, and Commerce Suite, aimed at improving operational efficiencies.
What client is already benefiting from this partnership?
Avis Budget Group, Inc has successfully integrated J.P. Morgan Payments' services with Oracle Fusion Cloud ERP.
What is J.P. Morgan Payments' daily transaction volume?
J.P. Morgan Payments processes nearly $10 trillion in payments daily, showcasing its global reach and operational capacity.
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