PRNewswire
Sydney [Australia], September 11: Mastercard has announced the local launch of a new embedded virtual card payment capability, with Westpac becoming the first commercial issuer in Australia to activate the solution for clients using Oracle Fusion Cloud Enterprise Resource Planning (ERP).
* New virtual card solution replaces manual processes with faster, safer payments, real-time visibility and automated reconciliation, all within Oracle Fusion Cloud ERP
The integration leverages Mastercard's innovative virtual card solution and Oracle's B2B technology platform to deliver a seamless, secure, and fully embedded virtual card experience. By embedding virtual cards directly into the Oracle Cloud ERP, businesses gain real-time visibility, enhanced control, improved working capital management, and streamlined supplier onboarding, all within their system of record.
"Manual commercial payments are the silent drag on growth, slowing operations, increasing exposure, and tying up capital that should be fuelling innovation," said Anouska Ladds, Executive Vice President, Commercial and New Payment Flows, Asia Pacific at Mastercard. "By embedding our virtual card technology into enterprise workflows like the Oracle Cloud ERP, we are removing long-standing friction and empowering organizations and businesses across Asia Pacific to operate at the scale and speed of today's economy."
"Helping our customers transition to real-time payments is important to ensure they have the competitive edge in the ever-increasing digitised economy. We're pleased to be providing a simpler way to manage payments, and one that is already built into the systems businesses use every day. We are proud to be the first in Australia offering this virtual card solution that is helping our corporate and government clients manage payments more efficiently." said Jeff Byrne, Managing Director, Global Transaction Services, Westpac Group.
"Consumers have long enjoyed fast, frictionless transactions, but the business-to-business world has lagged behind with outdated, cumbersome processes," said Catherine You, Group Vice President at Oracle. "Through this collaboration, we're reimagining how businesses transact by empowering mutual customers to streamline cash management, tap into credit, and arrange financing all from one unified platform within Oracle Cloud ERP."
The solution helps businesses move from manual, fragmented processes to a unified payment flow that centralises financial management. Automated reconciliation reduces human error and frees finance teams to focus on higher-value work, while detailed remittance data improves transparency and simplifies the payment lifecycle for both customers and vendors.
Unlike traditional implementations that require custom integration work, this solution is embedded in the customer's existing Oracle Cloud ERP subscription, eliminating the need for additional setup or technical resources.
The launch builds on Mastercard's global partnership with Oracle and its commitment to modernising commercial payments.
About Mastercard
Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we're building a resilient economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.
www.mastercard.com
About Oracle
Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at oracle.com.
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