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Oracle and Mastercard partner to streamline B2B payment transactions
Tue, 19th Sep 2023

Oracle and Mastercard have formed a partnership aimed at alleviating the challenges enterprise customers experience with automating business-to-business (B2B) payment transactions. The newly announced collaboration enables Oracle to interface its Fusion Cloud Enterprise Resource Planning (ERP) directly with banks, streamlining and mechanising the entire B2B fiscal and payment mechanism.

Despite the majority of companies expressing their preference for simpler commercial payment experiences, there is a prevalent issue where scattered data, divided systems, and intricate processes obstruct the efficiency of enterprises and their suppliers. Addressing these complexities, Oracle intends to harness the capabilities of Mastercard's innovative virtual card platform to expedite financial transactions for Oracle's corporate clientele. Consequently, this will allow banks to provide value-added services within Oracle's Cloud ERP.

Mastercard's Eugene Bourke, executive vice president, Global Partnerships and Segments, believes the company's virtual card technology is equipped to play "a significant role in transforming commercial payment experiences." He added, "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."

By incorporating Mastercard's virtual card technology, the implementation workload could be drastically reduced, saving months of setup, configuration, and technical complexity. Consequently, mutual customers of Oracle Cloud ERP and Mastercard are poised to garner several benefits, primarily centred around removing traditional payment methods in favour of safer virtual cards, increasing fraud protection, and enabling procurement teams the manageable centralisation of employee virtual card requests.

Embedding Mastercard's virtual cards into Oracle Cloud ERP allows clients to pay their suppliers promptly and securely through Mastercard's premier global payments network. Additionally, customers can readily activate services with their banks to better manage cash flow, refine fraud protection, and receive programme incentives. Furthermore, suppliers are set to benefit from reliable, swift payments, reduced collection risk, and simplified accounts receivable processes.

Several significant banks are working alongside Oracle to refine the user experience and spur the adoption of the virtual card payment method. HSBC has taken the lead in this movement, becoming the first bank to adopt the solution and offer the embedded virtual card experience to Oracle customers in the US and the UK. Brian Tomkins, managing director, Global Head of Commercial Cards, HSBC, commented on the partnership, stating that "embedding HSBC's financial services into the systems that our clients use day to day, is a key focus for us.” He believes the combined efforts of HSBC, Oracle, and Mastercard will create invaluable opportunities for their shared clientele globally.

Rondy Ng, executive vice president of Applications Development at Oracle, eloquently distilled the essence of the partnerships: "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."