Oracle is integrating its ERP platform into Citi's Treasury and Trade Solutions (TTS) with the aim of accelerating corporate transactions, the companies said in an announcement Tuesday (Oct. 23).
In a press release, Oracle said it is rolling out the Oracle ERP Banking-as-a-Service Connector, which integrates into Citi TTS via CitiConnect APIs. That connectivity allows corporate treasurers to initiate payments and gain heightened visibility into transaction and balance statuses from within the Oracle ERP platform, which supports the sending of payment information directly to Citi.
Oracle used its digital innovation platform for open banking to develop the Connector, a solution designed to enhance the efficiency of API connectivity with banks and FinTechs.
"The payment onboarding and execution process between banks and corporations is complex and resource-intensive," said Oracle Senior Director of Industry Solution Financial Services Sanjay Mathew in a statement. "Enabling easy connectivity between Oracle ERP Cloud and Citi simplifies the complexity and reduces friction in the financial supply chain, enabling fast, secure and transparent integration that delivers unmeasurable value to our joint corporate customers."
Citi TTS Global Head of Channel and Enterprise Services Tapodyuti Bose said the integration will simplify and accelerate business processes for joint treasury clients of Oracle and Citi.
Earlier this year, Citi Global Market Manager of Channel Services Rene Schuurman spoke with PYMNTS about the bank's API strategy and how financial institutions are recognizing the need to develop their own APIs to meet customer demand for innovative services.
"I think it's fair to say the financial services industry is in the middle of being absolutely disrupted," he said. "Banks recognize what is driving these investments."
At the same time, corporate treasurers may be starting to realize the potential in open banking initiatives to support and streamline treasury management operations.
In another recent interview with PYMNTS, SkySparc Head of Product Management Marcus Gullers said treasurers are struggling to streamline data visibility and analysis with information stored across so many platforms.
"They want a way of being able to see all of that data in one place," Gullers said, adding that open banking and API technologies can address that friction.
Oracle's ERP integration with Citi TTS follows the launch of Oracle Blockchain Applications Cloud, a solution also announced Tuesday that offers the enterprise a suite of blockchain-powered supply chain management SaaS applications.