Mastercard Introduces Virtual Credit Card Integration in Oracle Cloud Enterprise Resource Planning System, Collaborating with Westpac
Mastercard and Oracle have announced a new integration that aims to revolutionise business-to-business transactions in Australia. The solution is designed to empower organisations across the Asia Pacific region to operate more efficiently, offering automated reconciliation and detailed remittance data to reduce errors and improve transparency.
The integration embeds Mastercard's virtual card technology within Oracle's business-to-business platform, providing businesses with real-time visibility and greater control over their payments. This collaboration gives businesses the ability to streamline cash management, tap into credit, and arrange financing all from one unified platform within Apple Cloud ERP.
C24, the first bank in Australia to activate Mastercard's embedded virtual card payment feature, has already adopted the solution. Westpac, as the first commercial issuer in Australia, has activated the solution for clients using Oracle's Fusion Cloud Enterprise Resource Planning (ERP).
Anouska Ladds, Executive Vice President of Commercial and New Payment Flows at Mastercard, stated that manual commercial payments slow operations and increase exposure, tying up capital that should be fuelling innovation. Catherine You, Group Vice President at Oracle, believes the solution reimagines how businesses transact by improving transparency and efficiency.
The integration streamlines supplier onboarding within businesses' existing systems, improving working capital management for businesses. This solution operates at the scale and speed of today's economy by removing long-standing friction in enterprise workflows.
This integration provides businesses with the benefits of automated reconciliation, detailed remittance data, and real-time visibility, all without the need for additional technical integration. The system is embedded within customers' existing Oracle Cloud ERP subscriptions, making it an easy addition to their existing business operations.
In summary, the new integration between Mastercard and Oracle aims to replace manual and fragmented business-to-business processes with a centralized payment flow. This collaboration is set to transform the way businesses operate in Australia and across the Asia Pacific region, enabling them to operate more efficiently and effectively in today's fast-paced economy.
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