US bank Wells Fargo has partnered Oracle Corporation to offer integrated online payment and reconciliation for automated procurement services.
Customers using Oracle's Procure-to-Pay in 30 Days system to automate indirect purchasing can now pay suppliers online and reconcile accounts with electronic payment services from Wells Fargo.
According to the terms of the non-exclusive agreement, Wells Fargo will convert and transmit electronic payments and account statements to and from the Procure-to-Pay in 30 Days solution. The integrated offering will enable the buyer to schedule automatic payments to trading partners and receive back statements to automatically reconcile their accounts.
Debbie Ball, senior vice president, wholesale Internet solutions at Wells Fargo, comments: "With this offering, Wells Fargo becomes one of the first financial institutions whose electronic payment system will be made available to Oracle's Procure-to-Pay in 30 Days customers."
Oracle's purchasing solution includes pre-negotiated supplier contracts with professionally managed catalogues, requisitioning, purchasing, invoicing, receiving, payments, electronic banking, automatic cash reconciliation and reporting.