J.P. Morgan Payments Expands Oracle Partnership to Enhance Financial Operations

J.P. Morgan Payments has announced a significant expansion of its partnership with Oracle, introducing new and enhanced product integrations across Oracle’s ecosystem. This move aims to streamline payments across treasury, trade, and commerce operations for their mutual clients.

The expanded collaboration, announced on September 11, 2024, builds upon the existing integration of J.P. Morgan Payments’ Banking Services into Oracle Fusion Cloud Enterprise Resource Planning (ERP), which was first revealed at Oracle CloudWorld 2022.

Key enhancements in the partnership include:

1. Banking Services: Providing real-time cash balance visibility to help corporate treasury make more informed decisions.
2. Touchless Expense: Enabling faster creation of expense reports using near real-time transaction authorization data through J.P. Morgan Commercial Cards and Oracle Fusion Cloud.
3. Supply Chain Finance: Optimizing working capital by improving payment terms with vendors through J.P. Morgan’s Trade and Working Capital financing platforms.
4. Commerce Suite: Streamlining in-store merchant payments by connecting J.P. Morgan Payments’ in-store payment application with Oracle Payment Interface.

“Combining Oracle’s technology with our secure ecosystem empowers clients to create integrated payment experiences and accelerate business growth,” said Hubert J.P. Jolly, Head of Digital & Design at J.P. Morgan Payments.

The new integrations will be available through the J.P. Morgan Payments Partner Network, allowing clients to implement these solutions quickly with minimal IT effort. Clients can access J.P. Morgan Payments offerings directly from Oracle Cloud applications.

“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,” said Rondy Ng, Executive Vice President of Applications Development at Oracle, highlighting the mutual benefits for clients.

One client already benefiting from the integration is Avis Budget Group, a global provider of mobility solutions. The company reported that the pre-configured setup enhances their workflows and streamlines their reconciliation process.

J.P. Morgan Payments has shown impressive growth, reporting $18.3 billion in revenue for 2023, a 31% increase from the previous year. The company processes nearly $10 trillion in payments daily, operating in over 160 countries and 120 currencies.

The new and enhanced product integrations are being showcased at Oracle CloudWorld 2024, taking place from September 9-12 in Las Vegas.