LAS VEGAS--(BUSINESS WIRE)--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.
