Mastercard has launched an integrated virtual card payment solution within Oracle Cloud ERP, with Westpac as the first Australian issuer, signalling a major shift towards real-time digital business transactions across the Asia Pacific region.
Mastercard has unveiled a new embedded virtual card payment solution integrated within Oracle Fusion Cloud ERP, marking a significant step towards streamlining business payment processes. Westpac stands out as the first commercial issuer in Australia to activate this capability for its business and government clients, signalling a move towards real-time, digital payment flows embedded directly in enterprise resource planning (ERP) systems.
This innovation addresses longstanding challenges associated with manual commercial payments, which Mastercard describes as a “silent drag on growth” that slows operations, increases risk exposure, and ties up capital that could otherwise fuel innovation. By embedding its virtual card technology into the Oracle Cloud ERP platform, Mastercard aims to remove such friction, bringing the speed and efficiency of modern consumer transactions into the traditionally cumbersome business-to-business (B2B) payment landscape. Anouska Ladds, Mastercard’s Executive Vice President for Commercial and New Payment Flows in the Asia Pacific region, highlighted the solution’s role in empowering organisations across the region to scale and operate at modern economic speeds without the need for bespoke integration or additional implementation efforts.
Westpac’s role as the first Australian issuer deploying the Mastercard virtual card solution within Oracle’s ERP system reflects its commitment to transforming payment processes. Jeff Byrne, Managing Director of Global Transaction Services at Westpac, emphasised the bank’s intent to help clients transition from delayed, resource-heavy manual payments to streamlined real-time digital flows. Westpac’s broader portfolio includes Dynamic Virtual Cards (DVC), which allow corporations to generate secure card tokens tied to specific invoices or suppliers, offering enhanced control, security, and transparency over spending. These virtual cards can be configured with usage limits, validity periods, and geographic restrictions, providing clients with flexible tools to manage payments efficiently, as well as simplified reconciliation through detailed transaction data.
Oracle also stressed the necessity of bringing consumer-grade convenience and speed to B2B transactions, long hampered by outdated technology and processes. Catherine You, Group Vice President at Oracle, described the collaboration as reimagining business payments by unifying cash management, credit applications, and financing options within a single ERP platform. This integration aims to consolidate fragmented payment workflows into streamlined, automated processes that enhance financial visibility and operational efficiency.
Operationally, the embedded virtual card solution offers significant benefits to finance teams by automating reconciliation, reducing manual errors, and enhancing transparency with detailed remittance data. Such features help free up resources typically dedicated to routine manual tasks, enabling businesses to allocate capital more productively. This technology also supports smoother supplier onboarding, further enhancing business agility.
Additional developments in Mastercard’s virtual card ecosystem include a recently launched mobile virtual card app that integrates virtual commercial cards with digital wallets, enhancing contactless payment options for corporate travel and expenses. This app, now offered by institutions including Westpac and HSBC Australia, complements the embedded ERP solution by providing even more flexibility and security in managing business payments through mobile devices.
Overall, the partnership between Mastercard, Oracle, and Westpac demonstrates a concerted effort to modernise the B2B payment space in Australia and the wider Asia Pacific region. By embedding virtual card technology into widely used ERP systems and expanding digital wallet capabilities, they are paving the way for faster, safer, and more transparent commercial transactions. This marks a pivotal shift towards real-time payments and improved working capital management that align with the demands of today’s digitised economy.
Source: Noah Wire Services
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