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.
http://www.webwire.com/ViewPressRel.asp?aId=4945
