Redwood Shores, Sep 9
Oracle Corp, the largest provider of software for e-business,
has announced that GE Capital Commercial Services, a global provider of working
capital and accounts receivable services, will offer payment protection and
billing services to suppliers on Oracle powered industry and private exchanges
to streamline the payment and collection process.
GE Capital’s international Exchange Payment Facility will help
manage the financial risks of suppliers on OracleExchange.com, an open,
horizontal marketplace, and other affiliated exchanges, built on the Oracle
Exchange Platform, by assuring that sellers will receive timely payments
consistent with the terms of each invoice.
Through the Exchange Payment Protection Facility, GE Capital
Commercial Services can invoice exchange buyers on behalf of the exchange’s
participating suppliers, collect payments from buyers and forward the payments
to suppliers. If the buyer does not submit payment within the time specified by
the invoice, GE Capital Commercial Services can pay the supplier and initiate
collection efforts with the buyer.
The Exchange Payment Facility is expected to be available
initially to participants in France, Germany, Hong Kong, Japan, Singapore,
Taiwan, United Kingdom and the United States and will support commonly used
“Our role is to enable the transactions driving Oracle’s
e-business model,” said Joe Krum, President, GE Capital Commercial
Unlike many competing exchange vendors, the Oracle Exchange
Platform already provides built-in billing and revenue collection functionality
for flexible pricing, invoicing, payment options and settlement. Through
unmatched integration with the Oracle E-Business Suite, companies can import
exchange transactions into Oracle Accounts Receivable to issue invoices
according to billing cycles, and process and settle payments online.
Additionally, the Oracle Exchange Platform provides participants
with Online Bill Presentment and Payment capabilities that make it easier for
them to reconcile invoices and payments for exchange services.
The agreement with GE Capital Commercial Services signifies the
first of many partnerships in the area of financial services for the Oracle
Exchange platform. The portfolio of financial management services to be
available through the Oracle Exchange Platform will initially focus on
electronic credit management and payments, and then extend to include
verification and authentication notifications, trade facilitation, financial
risk management, trade financing, and bill presentment.
Integrating this partner functionality with the Oracle Exchange
Platform will provide payment card functionality, digital certificates, credit
guarantee, escrow and insurance and payment consolidation to exchange