The feature will digitize the supply chain finance process and allow banks the ability to deliver quick alternative financing options and provide fast approvals, with multi-channel port access giving more visibility into transactions.
And with machine learning, the feature will boost automation in the field and take away time usually spent in the past on manual processes, the release says.
In addition, the feature will automatically detect unmatched payments to reconcile them, which will reduce disruption, and will let banks set exact limits for types of transactions via automated workflows.
The feature will aid corporates in performing multiple transactions like supplier onboarding, bulk uploads and real-time monitoring, and it will be able to be easily integrated with third party apps.
Sonny Singh, executive vice president and general manager for Oracle Financial Services, said the company wanted to work to enhance the supply chain financing process with new modern solutions.
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“Supply chain financing is surpassing traditional trade financing; we saw an opportunity to bring to market a modern solution that can supercharge supply chain financing by leveraging tech innovation,” he said, according to the release. “With Oracle Banking Supply Chain’s fully digitized processing and real-time analytics, banks can help corporates further optimize working capital and liquidity in their supply chains.”
David Haimes, senior director of ERP cloud solutions at Oracle, told PYMNTS in February about the benefits of integrated ERP solutions. He said machine learning can help integrated cloud-based solutions achieve better payments flexibility and more efficiency through innovations such as immediately detecting blank or unrecognizable fields in forms.
With digital AP solutions, Haimes said companies can make the most of vast data reserves, and make new kinds of financing solutions without the cumbersome processes of old.
