Oracle Innovation is not just AI

At Oracle CloudWorld in Vegas October 2024 and then in the tours, Oracle has been using a procurement example to show how AI Agents work.

At the end of the video, it talks about the agent recognizing that the payment can be discounted using a virtual credit card. This may be an innovation you missed, so let’s look at it.

At Oracle CloudWorld in September 2023, Oracle and Mastercard announced an innovative collaboration that promised to transform the landscape of business-to-business (B2B) payments.

Their joint initiative, Payments and Banking at the Speed of Business, aimed to automate and streamline end-to-end B2B payment transactions, providing enterprise customers with a seamless, efficient financial management solution. This partnership integrates Oracle Fusion Cloud Enterprise Resource Planning (ERP) with banks securely, automating the entire B2B finance and payment process.

A visionary collaboration

The partnership between Oracle and Mastercard addresses some of the most pressing challenges in B2B payments. By directly connecting Oracle's Fusion Cloud ERP with banking institutions, this initiative eliminates the traditional inefficiencies and complexities associated with B2B transactions. The automation of payment processes not only enhances transaction speed and accuracy but also ensures a higher level of security and reliability. Discounts for early payment are not new, but a virtual credit card payment means you can pay your supplier early, and your bank later for the credit, and opens up many more possibilities for saving.

Read more about the benefits of virtual payment cards in this Oracle blog.

Inoapps: a trusted partner and early adopter

Inoapps was honored to be an early adopter and development partner in this groundbreaking project. Our role in this initiative was pivotal, working closely with Oracle, Mastercard, and HSBC teams to bring this vision to life. This collaboration exemplified a spirit of teamwork, with all parties committed to achieving collective success through a proactive and tenacious approach.

Our contributions and insights

At Inoapps, our involvement in this project was comprehensive. We contributed to defining report specifications, providing crucial feedback on implementation documentation, and conducting thorough testing. Our insights from both a customer and implementor perspective helped shape the solution to effectively meet the practical needs of enterprise customers.

This extensive engagement allowed us to play a significant role in refining and developing the solution, ensuring it delivers on its promise of automating and streamlining B2B payments.

Internal benefits for Inoapps

Participating in this initiative brought numerous benefits to Inoapps internally. One of the most notable advantages was improved cash flow, a critical aspect for any business. Additionally, the ability to negotiate early settlement discounts with suppliers provided further financial flexibility and savings.

Moreover, our deep involvement in the project allowed us to enhance our skills and knowledge regarding the configuration and process of this innovative payment solution. This expertise not only benefits our internal operations but also positions us to offer this advanced capability to our customers, helping them achieve similar efficiencies and financial improvements.

Looking ahead

The Payments and Banking at the Speed of Business initiative by Oracle and Mastercard is a testament to the power of strategic partnerships in driving technological advancements. At Inoapps, we are proud to have been a part of this journey from the outset.

The virtual payment card functionality is available for a number of banks and in various geographies. If you’d like to explore how it could help you, reach out to talk to us.