Automation and operationalization of electronic payment or settlement of Supplier invoices using Oracle Fusion Application
Payment transmission configuration and integration between Oracle Fusion Applications and an Entity’s Bank Accounts using Middleware integration platform.
- Transmit electronic payments or funds capture transactions to a payment system or a bank.
- Reduce the manual errors and time to process payments.
- The ability to handle multiple Payment methods and multiple third-party payees.
- The ability to handle different formatting requirements of specific Banks, Financial Institutions, or payment documents.
- Submit payment process request by choosing the relevant PPR template.
- Interface to middleware to segregate the payment files in UCM for different legal entities using PPP transmission configuration.
- Bank uses the test system to process the payment files which are tested for the accuracy of the payment formats for all the recommended scenarios.
- Production deployment is achieved after the legal entity approves the implementation of the service into a live environment.
Tools & Technologies
b. Integration Middleware
- Single file, multiple payment methods: Transmission of payment instructions for different Payment Methods in one electronic file and approve payments. Configured Entities can pay each Supplier in their preferred method.
- Reduced Financial Risks: Integration process enhances transaction control and achieves secured ‘paper-to-electronic’ transition by eliminating time consuming, cumbersome and expensive record keeping with limited document search and possible financial irregularities.
- Lower Transaction / Processing Costs: Bank acknowledges receipt of Payment File(s) to the concerned Entity and successful processing thereof for delivery to the payment system.
- Flexible to handle exceptions: Options to initiate, verify, reverse and delete transactions. Simplifies framework for payroll, tax, and vendor payments.
- Improved Stakeholder Satisfaction: Much improved payment timing, maximize staff efficiency and boosts supplier satisfaction.