This collaboration will enable the companies’ joint customers to select Brex virtual cards within the Oracle Fusion Cloud ERP’s payables workflows, the companies said in a Wednesday (Oct. 13) press release.
The solution streamlines supplier payments, enforces tighter controls, and accelerates processes without sacrificing governance, according to the release.
“By embedding Brex into Oracle Cloud ERP workflows, we’re giving enterprises greater control, visibility and efficiency in their financial operations while helping them capture new value from everyday spend,” Catherine You, group vice president of applications development at Oracle, said in the release.
With Brex’s global card capabilities, enterprises can streamline payments in more than 30 currencies from one platform, process payments faster, automate reconciliation, gain centralized visibility across regions, unlock rebates and rewards, and gain granular controls and a complete digital audit trail, per the release.
Brex Chief Business Officer Art Levy said in the release that this integration makes Brex the first FinTech global issuer for Oracle’s B2B embedded payments solution of Oracle.
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“Together we’re helping global enterprises simplify supplier payments across borders, move faster with full control, and unlock new value from spend at a scale that was never possible before,” Levy said.
When Brex secured a $235 million credit facility in January, the company said the transaction would expand its ability to provide global corporate cards and solutions for expense management, travel, banking and bill pay.
“This transaction highlights the continued momentum of Brex’s card offering and our entire product suite,” Brex Chief Financial Officer Ben Gammell said in a Jan. 13 press release. “Our capital position remains exceptionally strong, and this credit facility, which follows our largest and most robust securitization to date, allows us to further scale our card solution and empower our customers in making every dollar count.”
Brex said Sept. 4 that it will expand its corporate card business to the European Union and the United Kingdom, and the company announced Sept. 30 that it plans to add stablecoin payments to its global corporate card.
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