Visa and Oracle Partner to Deliver Enhanced Transaction and Payment Integration
Collaboration to Bring Cost Savings to Visa and Oracle® E-Business Suite Customers through Enhanced Payment Functionality
ACTE Global Conference, LONDON 24-OCT-2005 Visa International and Oracle today announced a new partnership designed to streamline the expense management and reporting process by integrating Visa Commercial payment data with the Oracle(r) E-Business Suite. The resulting transaction and payment combination will provide joint commercial customers with improved operational efficiency, heightened financial control and increased cash flow visibility.
Through the integration of the Oracle E-Business Suite and the Visa Commercial Format (VCF), a standard data set containing enhanced spending details from all Visa Commercial payment cards, corporations and their employees will be able to receive unprecedented levels of information to better utilize spending data, significantly improve processes and lower operational costs.
Part of the Oracle E-Business Suite, Oracle Internet Expenses is a travel and entertainment (T&E) solution that streamlines and automates travel spend management. With the integration of Visa transaction data into Oracle Internet Expenses, employees will be able to enter and submit expense reports more quickly and easily through pre-population of hotel folio data and automatic assignment of expense types, ensuring timely expense report submissions. The resulting solution improves T&E information and accounting accuracy, reduces employee data entry, and provides greater visibility into T&E spend.
“Visa’s new partnership with Oracle marks the convergence of two global industry leaders committed to bringing cutting-edge, cost-effective solutions to our shared corporate customers,” said Aliza Knox, Senior Vice President, Visa Commercial, Visa International. “The combination of our commercial payment solutions with the Oracle E-Business Suite will help deliver measurable cost savings, providing a significant opportunity for companies to increase their bottom line.”
“The Oracle-Visa partnership is really a win-win for business owners and employees,” said Oracle Vice President of Applications Marketing, Folia Grace. “With the help of Visa, we’ve enhanced Oracle Internet Expenses so users can easily approve, map or dispute expenses and then submit the expense report for management approval in a few mouse clicks, dramatically reducing the time to enter expenses. At the same time, financial managers can audit corporate spending trends and make adjustments that will impact the fiscal growth of the company.”
The Visa and Oracle partnership will provide a variety of benefits to commercial customers, including the ability to:
* Pre-populate expense reports with VCF formatted commercial payment transactions;
* Map Visa Commercial payment types for automatic expense type defaulting; and
* Permit automatic hotel folio itemization based on Visa Commercial payment feed.
Visa and Oracle will collaborate to identify other potential integration points between Visa Commercial payment products and services and the Oracle E-Business Suite applications. The Oracle E-Business Suite will include interfaces that enable employees of Oracle licensees to import VCF data feeds generated by Visa Commercial payment products into the Oracle E-Business Suite.
The announcement was made at the annual Association of Corporate Travel Executives (ACTE) Global Conference in London. The ACTE Global Conference brings together the world’s foremost experts and educators in the international travel industry to explore solutions to today’s complex business, legal and regulatory environment. Travel and entertainment is an important aspect of organizations’ expense management solutions.
About Oracle E-Business Suite
Oracle E-Business Suite enables companies to efficiently manage customer processes, manufacture products, ship orders, collect payments, and more-all from applications that are built on a unified information architecture. This information architecture provides a single definition of your customers, suppliers, employees, products-all aspects of your business. Whether you implement one module or the entire Suite, Oracle E-Business Suite enables you to share unified information across the enterprise so you can make smarter decisions with better information.
About Visa Commercial
Visa Commercial payment solutions - Visa Business, Visa Corporate, Visa Purchasing, and Visa Commerce- provide an easy, convenient way to buy office supplies, manage travel and entertainment expenses, control employee spending limits, meet cash flow needs, reduce operational expenses and track, monitor and control business expenses. Backed by Visa’s unsurpassed acceptance and utility, Visa Commercial products and services can be tailored to meet the changing needs of every business segment - from the multinational corporation to the sole proprietor.
Visa is also able to collect enriched transaction data - such as Level III, airline itinerary, hotel folio, and fleet data - and then deliver this data for integration into enterprise back-office expense reporting software, general ledger, and other financial systems. Visa can transmit enriched data through the Visa Commercial Format (VCF) and a variety of widely used formats to meet specific enterprise requirements, such as pre-population of charges in expense reporting modules. Visa developed VCF as an extension of its proven, reliable settlement system to enable turnkey integration of Visa data into ERP systems. For more information, visit www.visa.com/visacommercial.
Visa connects cardholders, merchants and financial institutions through the world’s largest electronic payments network. Visa products allow buyers and sellers to conduct commerce with ease and confidence in both the physical and virtual worlds. As an association owned by 21,000 member financial institutions, Visa is committed to the sustained growth of electronic payment systems to support the needs of all stakeholders and to drive economic growth. For more information, visit www.corporate.visa.com.
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