In the modern commerce landscape, efficient financial transactions are the key to success for any successful enterprise. Whether paying vendors, processing customer payments, or managing complex global transactions, businesses rely on robust payment systems to ensure smooth operations and financial integrity. 

Oracle Payments emerges as a comprehensive solution designed to address these critical needs, offering a suite of features designed to streamline payment processes for businesses of all sizes and industry verticals.

Read on to learn more about Oracle Payments and where our senior-level Oracle consultants can fit in your organization.

What are Oracle Payments?

Utilize Oracle Payments, a digital payments, funds collection, and expenditure engine in the Oracle E-Business Suite, to process payments anytime, anywhere. With a centralized payment engine, users can process invoice payments from Oracle Payables, credit cards and bank accounts from Oracle Receivables, and bank account transfers from Oracle Cash Management in one place.

Oracle Payments enables companies to complete all aspects of the payment processing cycle in the same platform, further improving efficiency and performance across the organization. Using intuitive capabilities in Oracle Payments, organizations can effectively consolidate payment processes across various currencies, regions, and organizations. With a complete view of cash inflows and outflows and a comprehensive audit trail, companies can improve administration for a single line of payment and enhance working capital management tactics.

Organizations can also leverage pre-built integrations between Oracle Payments and other funds capture, disbursement, and payment systems to improve receipt and payment processing and accelerate time-to-value.

Oracle Payments support the following digital funds capture payments:

  • Purchase cards
  • Credit cards
  • Bank account transfers
  • PINless debit cards

The Oracle Payment module supports funds disbursement payments like:

  • Wire transfers
  • Electronic funds transfers
  • Checks

Key Capabilities of Oracle Payments

Here’s a closer look at the main capabilities of the Oracle Payments solution:

Improved Agility and Visibility with Condensed Payments

With a single point of payment administration in Oracle Payments, organizations can effectively consolidate the payment process across companies, regions, and currencies and deliver accurate audits.

Oracle Payments provides dashboards for managing the funds capture and disbursement procedures, enabling payment administrators to track all critical process steps from the same platform. These dashboards give users a comprehensive view of the entire payment process, including the payment status as it moves through the financial supply chain. Users can also set up automatic notifications for tasks needed to complete the end-to-end payment process.

Flexible Payment Methods

Thanks to Oracle Payments’ support for processor and gateway models, customers can choose the payment processing methods that best suit their business needs. Oracle Payments supports top third-party processor payment systems, such as Concord EFS and Paymentech First Data Merchant Services (North and South Platforms).

Other payment systems, like Verisign, integrate with Oracle Payments through custom APIs or intelligent gateway connections. Oracle Payments provides public APIs for credit cards, purchase cards, and EFT, which payment processors and gateways can use to interface with the system. Extensible fields in Oracle APIs can be utilized in custom implementations or integrations with external payment systems.

Select From Various Payment Models

Oracle Payments supports various payment models through flexible configuration, enabling organizations to model real-time business units, reduce costs, and improve performance. The Payments solution can operate in a fully decentralized manner, belonging to accounts payable or collection administration and facilitating the effective management of core payment models.

By configuring Oracle Payments based on critical business requirements, organizations can support both a shared service center model and a payment factory model from the same platform. While the payment factory manages correspondence and business dealings with the company’s financial partners, operating units can execute accounts payable processes and other payment-related administrative tasks.

Total Control Over Payment Tools and Data

All organizations must adhere to strict security regulations regarding payment information and instruments. Using the Trading Community Architecture (TCA) data model, Oracle Payments represents a comprehensive payment data repository, securely storing all payment instruments and information, including credit card and bank account numbers. This shared repository offers masking control and central encryption administration to protect sensitive payment-related data.

Lower Costs By Utilizing Streamlined Processes

Straight-through processing (STP) involves automatically moving groups of payments through all the electronic processing cycle stages, reducing costs and increasing efficiency. Oracle Payments provides end-to-end electronic payment processing, such as validation, aggregation, formatting, and secure transmission to payment networks and financial institutions for further visibility into critical payments.

By leveraging Oracle Payments, Accounts Payable managers can streamline business workflows and require fewer groups of invoices for submission and selection. Each payment group using Oracle Payments can span several bank accounts, payment currencies, formats, and payment methods, enabling users to keep their payment accounts up-to-date, no matter what. This allows payments to be automatically combined into structured payment instruction files, significantly reducing the cost of the disbursement procedure and improving financial performance.

Modern financial institutions and associated payment systems demand adherence to particular format requirements. Oracle Payments’ extensive library of payment formats supports various payment files and messages, including credit card authorizations, settlements, printed checks, ACH debits, bills receivable remittances, and EFT disbursements. While IT teams cannot easily create or modify these formats as they are predefined templates in Oracle BI Publisher, functional staff members can access and modify the templates, further accelerating testing and implementation timelines and reducing costs. 

Navigating Complex Payment Files

Ensuring the validity and proper formatting of payment messages and files transmitted to financial institutions and third-party payment systems is crucial to successful payment processing. With Oracle Payments, users can create personalized rules and access a vast library of payment validations within an adaptable framework. They also have more freedom to set rules at any stage of the payment procedure, promoting stronger alignment with business requirements and procedures over time.

To begin importing a Payment Acknowledgement File, which verifies the bank successfully sent and received the electronic payment, Oracle Payments offers payment acknowledgment for funds distribution transactions.

The Oracle Payments platform securely processes payment files and messages and transfers outcomes electronically. It provides intuitive support for business-related transmission protocols, including FTP, HTTP, and AS/2, to meet critical business needs. Oracle Payments also allows users to adjust settings to hide credit card numbers and other sensitive payment data through intelligent encryption.

ISO 20022 Framework Payment Process Support

The foundation of SEPA (Single European Payment Area) is the commonly used payment format ISO 20022, and Oracle Payments supports the ISO20022 Common Global Implementation (CGI) version. With the use of a single payment account and a comprehensive set of payment instruments, SEPA allows individuals, companies, and governments to make affordable, efficient, and cashless payments across the 28 member states of the European Union (EU) and three additional member states of the European Economic Area (EEA).

SEPA improvements in Oracle Payments aim to facilitate more transparent payment flows and promote straight-through processing. Newly specified ISO 20022 payment schemes in the SEPA rule book are also supported, allowing customers to create messages straight from their ERP system without needing extra middleware to convert data.

The Oracle E-Business Suite Solution

By leveraging Oracle E-Business Suite, where all apps are based on a uniform information architecture, businesses can effectively manage customer operations, produce goods, ship orders, collect payments, and more. This architecture also provides a single definition of your company’s products, workers, suppliers, and clients for improved engagement and productivity. Pre-built connections with Oracle E-Business Suite applications allow users to distribute consistent information throughout the organization, whether installing a single module or the full suite, enabling better-informed decisions and increased process efficiency.

Top 3 Benefits of Oracle Payments

Oracle Payments allows users to:

  • Reduce costs by streamlining critical payment operations
  • Maintain control of all payment data and tools in a unified platform
  • Improve insight and agility through centralized payment processing

Why Use Oracle For Payment Processing?

Here are the top reasons why users choose Oracle Payments as their payment processing tool:

No Hidden Fees

Unlike most payment or merchant processors, Oracle Payment Cloud Service solutions have zero convenience or hidden fees.

Flexible Terms

Oracle Payment offers month-to-month terms and no annual contract, ensuring you have access to the tools you need when you need them and no additional overhead or fluff when you don’t.

Contactless Payments

Customers have the freedom to pay how they want, whether through Apple Pay, Google Pay, Samsung Pay, or a debit or credit card.

Dependable and Secure

Following high-security standards within the modern technical landscape, Oracle Payment complies with PCI DSS and offers end-to-end encryption functionality across multiple payment types.

How Can We Help

Whether you need help implementing a new Oracle payment processing solution or an extra hand predicting the price of goods sold, mitigating financial risks, or just getting started on your journey with Oracle, our team at Surety Systems can help.

Our senior-level Oracle consultants have the functional experience and skills to handle all your project needs with ease and ensure your internal teams are on the road to long-term success. With our expert consultants, your team is also supported long after your initial Go-Lie date, ensuring critical needs are met, and optimal user adoption is achieved, no matter what

Contact Us?

Are you ready to learn more about Oracle Payments and how our senior-level consultants can help your organization maximize success?

Contact us today!