Oracle and EDS Collaborate on Electronic Bill Presentment and Payment

Strategic Insights -

Oracle Corp. and Electronic Data Systems (EDS) have joined forces to develop a comprehensive electronic bill presentment and payment solution for financial institutions and their customers. The collaboration aims to leverage Oracle's cutting-edge technology and EDS' expertise in systems integration to create a seamless and secure electronic billing and payment experience.

Oracle's Financial Services division is working closely with EDS to promote the adoption of the Open Financial Exchange (OFX) standard, which enables financial institutions to offer their customers a range of electronic payment options, including credit card, debit, ACH transfer, and more. The solution will allow billers and financial services firms to present bills electronically via the Internet, using a standard Web browser, and enable customers to pay their bills online.

Key Takeaways:

  • Oracle's Financial Services division is working with EDS to develop a comprehensive electronic bill presentment and payment solution.
  • The collaboration aims to leverage Oracle's cutting-edge technology and EDS' expertise in systems integration to create a seamless and secure electronic billing and payment experience.
  • The solution will promote the adoption of the Open Financial Exchange (OFX) standard, enabling financial institutions to offer their customers a range of electronic payment options.
  • Billers and financial services firms will be able to present bills electronically via the Internet, using a standard Web browser.
  • Customers will be able to pay their bills online using a range of payment options, including credit card, debit, ACH transfer, and more.
  • The solution will enable financial institutions to collect valuable customer information and tailor their marketing activities.
  • EDS' Interactive Billing Services will interface directly with Oracle technology, allowing billers and consolidators to present bills through the EDS service.
  • The plan is for billers and consolidators to be able to use EDS Interactive Billing Services for bill payment and settlement.

Statistics:

  • EDS currently employs over 110,000 employees worldwide.
  • EDS reported revenues of $15.2 billion in 1997.
  • Oracle's annual revenues exceed $7.5 billion.
  • Oracle's Financial Services division supports the company's overall vertical industry strategy of combining Oracle's core competencies with specific industry applications.
  • Oracle's Financial Services Applications suite enables financial institutions to calculate profitability and performance, assess asset/liability and interest rate risk, conduct database marketing and campaign management, create budgets and forecasts, and calculate funds transfer pricing.

Sources:

  • Press Release: Oracle Corp. and EDS Announce Collaboration on Electronic Bill Presentment and Payment (December 3, PRNewswire)
  • About EDS: Electronic Data Systems, [http://www.eds.com](http://www.eds.com)
  • About Oracle Financial Services: Oracle Corporation, [http://www.oracle.com](http://www.oracle.com)
  • About Oracle: Oracle Corporation, [http://www.oracle.com](http://www.oracle.com)