Mastercard has unveiled a new embedded virtual card payment capability, with Westpac becoming the first commercial issuer in Australia to activate the solution for clients using Oracle Fusion Cloud Enterprise Resource Planning (ERP). The integration leverages Mastercard's virtual card solution and Oracle's B2B technology platform for a seamless, secure, and fully embedded virtual card experience.
Anouska Ladds, executive vice president, Commercial and New Payment Flows, Asia Pacific at Mastercard, said: "By embedding our virtual card technology into enterprise workflows like the Oracle Cloud ERP, we are removing long-standing friction and empowering organisations and businesses across Asia Pacific to operate at the scale and speed of today's economy."
Virtual cloud technology
Embedding virtual cards directly into the Oracle Cloud ERP helps provide businesses with real-time visibility, enhanced control, improved working capital management, and streamlined supplier onboarding, all within their system of record.
"Helping our customers transition to real-time payments is essential to ensure they have the competitive edge in the ever-increasing digitised economy, said Jeff Byrne, managing director, Global Transaction Services, Westpac Group.
Modernising commercial payments
"Consumers have long enjoyed fast, frictionless transactions, but the business-to-business world has lagged behind with outdated, cumbersome processes," said Catherine You, group vice president at Oracle.
The solution aims to provide businesses with a unified payment flow that centralises financial management, instead of the manual, fragmented processes.
Automated reconciliation reduces human error and frees finance teams to focus on higher-value work. On the other hand, detailed remittance data improves transparency and simplifies the payment lifecycle for both customers and vendors.
Embedding the solution in the customer's existing Oracle Cloud ERP subscription eliminates the need for additional setup or technical resources, a far cry from traditional implementations that require custom integration work.
