Oracle Partners with GE Capital to Streamline Payment Process on Exchanges

Strategic Insights -

Oracle Corporation has announced a partnership with GE Capital Commercial Services to provide payment protection and billing services to suppliers on Oracle-powered industry and private exchanges. The goal is to streamline the payment and collection process, ensuring that sellers receive timely payments consistent with the terms of each invoice. This partnership marks the first of a series of financial services partnerships for Oracle's Exchange Platform.

Key Takeaways:

  • Oracle has partnered with GE Capital Commercial Services to offer payment protection and billing services on Oracle-powered exchanges.
  • The partnership aims to streamline the payment and collection process for suppliers, ensuring timely payments.
  • The Exchange Payment Facility, provided by GE Capital, will manage financial risks of suppliers on OracleExchange.com and other affiliated exchanges.
  • The facility allows GE Capital to invoice exchange buyers on behalf of suppliers, collect payments, and forward them to suppliers.
  • If a buyer fails to submit payment within the specified time, GE Capital can pay the supplier and initiate collection efforts.
  • The Exchange Payment Facility is expected to be available initially in eight countries, including France, Germany, Hong Kong, Japan, Singapore, Taiwan, the United Kingdom, and the United States.
  • The Oracle Exchange Platform provides built-in billing and revenue collection functionality, including integration with Oracle Accounts Receivable.
  • The platform also offers online bill presentment and payment capabilities for exchange participants.
  • The partnership with GE Capital marks the first of many financial services partnerships for Oracle's Exchange Platform, with a focus on electronic credit management, payments, and other financial services.

Statistics:

  • Eight countries will initially support the Exchange Payment Facility: France, Germany, Hong Kong, Japan, Singapore, Taiwan, the United Kingdom, and the United States.
  • The Oracle Exchange Platform provides built-in billing and revenue collection functionality, including integration with Oracle Accounts Receivable.
  • The platform offers online bill presentment and payment capabilities for exchange participants.
  • The partnership with GE Capital Commercial Services is the first of a series of financial services partnerships for Oracle's Exchange Platform.

Sources:

  • "Oracle Corp. (Nasdaq: ORCL), the largest provider of software for e-business"
  • PRNewswire press release dated September 6
  • Oracle Corporation and GE Capital Commercial Services press releases
  • Oracle Corporation's website (www.oracle.com)
  • GE Capital Commercial Services' website (www.geccs.com)