Banking Services now embedded in Oracle Cloud with JP Morgan
Managing an enterprise technology stack requires a lot of moving parts. You likely have several applications managing everything from financials to customer experience and sales. At Apps Associates, we’ve detailed the importance of a strong data integration strategy so that information can pass efficiently between the systems you rely on for day-to-day business management.
With our extensive experience in Cloud ERP solutions and integrations, we understand the difficulty of collaborating and integrating with banking systems. That is why we were very excited when Oracle announced that JP Morgan will now be included in embedded banking services.
In this post, I’ll outline some of the features that will make the biggest impact in your business and share some insights into setup.
The problem
Whenever you are working with sensitive data such as banking information, there are understandably a lot of steps to ensure proper security. Previously it would take a lot of time to gather the correct information, set up your accounts with JP Morgan, and install the specific features necessary to sync the banking details with Oracle ERP. Little pieces like connectivity details, exchange keys, and transmission details were necessary for each of the bank transmission setups.
The Solution
With the new Embedded Banking Services with JP Morgan and Oracle, the setup and connectivity can be done seamlessly. The addition helps automate banking integrations, reducing the number of manual steps and the potential for delayed projects and errors.
Benefits
I see several benefits to Oracle teaming up with a banking company the size and scale of JP Morgan. Previously, Oracle Cloud and JP Morgan integrations would take at least a few weeks to connect and test before being functional. Now, with Patchset 23D, customers can automate the connection and creation of the banks in their systems, as well as select the type of you use to use in Oracle Cloud.
What to know about connecting JP Morgan and Oracle
Currently, the availability is controlled by Oracle; you must create an for this option to be turned on. Once connected, your time-to-integration is greatly reduced, leaving more time for testing other integrations.
To take advantage of some of the automation capabilities, I suggest enabling the following. This will help in automatically creating banks, branches, and connectivity to JP Morgan within your Oracle instance. These configurations are currently only available within the US and Canada, international setups are not included. Additionally, the initial setup for the business flows I mention below will be the standard ISO20022 templates. If you need other options, you may create them as a custom option.
While there are several functions companies may choose to implement, we recommend the following business flows. In our experience, these are the most common flows that make an impact, in order of most to least common.
- Banks and Bank Accounts (Connects and creates the banks and accounts automatically)
- Funds Disbursement (Direct Debit Processing)
- Funds Capture (Lockbox)
- Bank Statement Processing
- Corporate Cards
Once the flows are selected, the system will send over your details to the bank, enable the security keys, and set up data to be linked between JP Morgan and your Oracle Cloud system. Note that this step could take up to 24 hours to complete. You can check the status on the setup page “Manage Banking Configurations for J.P. Morgan”.
Remember that there will still be some post-setup items that you must complete, as each will be based on your clients’ or your own unique business needs.
Corporate Cards and Expenses
For enterprise organizations, expense tracking of individual corporate cards can be a major headache. There are often levels of approval that necessitate back-and-forth and waiting periods. The good news is corporate cards are now included in the embedded integrations. The expenses are integrated with the Oracle Expense module and approval notifications are sent in almost real-time. This greatly reduces the reimbursement cycle and increases accountability with business expenses and employees.
Apps Associates is an Oracle Partner
Apps Associates is a certified Oracle partner with more than 20 years of experience in the field. We specialize in integration, ensuring your operations from back-office to customer experience are covered. For more information on the new embedded integrations with JP Morgan and Oracle, contact Apps today.