PURCHASE, N.Y.—Mastercard and Oracle said they are partnering to automate B2B payments for enterprise customers.
The collaboration will integrate Mastercard’s virtual card platform into the Oracle Fusion Cloud Enterprise Resource Planning automating the B2B finance and payment process, Pymnts.com reported.
“The partnership aims to address the challenges faced by many companies in making commercial payments, such as disparate data, systems and processes,” Pymnts.com stated.
According to the report, Oracle will leverage Mastercard’s virtual card technology to enable organizations to securely connect and share information across all trading parties, “simplifying end-to-end financial transactions for corporate customers.”
Automating Card Generation
According to the two companies, for supplier invoice payments organizations can automate virtual card generation and high-volume payment runs, streamline the bank reconciliation process and facilitate automatic direct transfers to the supplier’s bank accounts, the companies stated.
For corporate purchases, organizations can replace traditional payment methods with virtual cards, the companies said.
“Pymnts.com Intelligence has found that companies are incorporating virtual cards into their B2B payment processes to improve cash flow, enhance security and enable accounts payable automation more seamlessly than when they rely on methods like paper checks,” Pymnts.com said.
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