Finance platform Brex has announced a partnership with Oracle, marking a milestone as the inaugural fintech issuer to be embedded within Oracle Fusion Cloud Enterprise Resource Planning (ERP).
This move capitalises on Oracle and Mastercard integration, enabling Brex to facilitate Oracle’s B2B payments solution within the Oracle Cloud ERP environment.
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According to Brex, customers are expected to benefit from the ability to choose Brex virtual cards from their payables workflows directly, thereby enhancing controls, supplier payments, and enabling finance teams to maintain speed without compromising on governance.
Brex said that the integration with Oracle addresses the growing complexities that worldwide enterprises encounter when managing supplier payments across diverse nations, banking systems, and currencies.
Standard payment methods such as automated clearing house/electronic funds transfer and wire transfers are said to be often expensive, slow, and provide limited visibility or compliance safeguards.
Moreover, existing card solutions may not offer the necessary controls for large-scale operations, Brex added.
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By GlobalDataBy enabling access to the virtual cards of Brex through Oracle Cloud ERP, the collaboration aims to overcome these challenges.
The global card capabilities offered by Brex are said to allow enterprises to streamline their payments in over 30 currencies from one platform, in turn eliminating the need for separate banking infrastructures.
The aim is to deliver a rapid payment process, enable automated reconciliation, and provide a consolidated view of financial operations across various regions.
Additionally, the partnership is designed to offer financial incentives such as rebates and rewards, potentially turning the accounts payable function into a source of revenue.
The global card capabilities allow the use of Brex’s virtual cards that are equipped with the use of one-time-use numbers, spending limits, and merchant-specific restrictions, all backed by a comprehensive digital audit trail.
These measures are intended to minimise the risk of fraud and ensure adherence to compliance standards.
In August, Brex secured a payment institution (PI) license in the European Union, facilitated through the Netherlands, to serve businesses across the region.
