Oracle, Wells Fargo Announce Fast, Affordable Solution for Automating Payments

ORACLE INFORMATION INDEPTH NEWSLETTERS
Financial Management Edition
January 2009

Oracle, Wells Fargo Announce Fast, Affordable Solution for Automating Payments

As businesses search for new ways to streamline operations and improve margins, accounts payable and accounts receivable functions are under increased scrutiny for their traditional reliance on costly, labor-intensive, and inefficient processes.

Automation of these processes by integration with bank services often requires a custom integration that can take two to six months to implement, at considerable expense to the business. In addition, these projects place a significant burden on limited IT resources that are needed for development and testing, along with ongoing support and maintenance. The Wells Fargo Adapter—which integrates Wells Fargo’s treasury management services with Oracle E-Business Suite financial applications—significantly lowers these barriers to automation. With payment automation, customers can achieve

Reduced per-transaction costs

Increased productivity

Improved cash flow management

Enhanced relationships with customers and trading partners

Improved regulatory visibility and control

The Wells Fargo Adapter—the first of its kind in the industry—offers significant benefits to Oracle and Wells Fargo customers. Installation and integration testing for the Wells Fargo Adapter can generally be completed in less than a week, dramatically reducing the cost of the project and its impact on IT resources. And the adapter is affordably priced, making it a viable solution not only for large enterprises but also for midsize organizations.

Savings achieved from leveraging the Wells Fargo Adapter can be dramatic. As an example, case studies have shown that companies that have automated, by outsourcing check printing and migrating their suppliers to receive electronic payments, can reduce their “all-in” payments costs by up to 75%. In addition, the risk of fraud associated with manual payment processes and onsite storage of check stock is eliminated. And resources that are freed up from these manual processes can be refocused on more strategic, value-add activities.

The Wells Fargo Adapter is currently available for Oracle E-Business Suite 11i, with versions for E-Business Suite 12 and JD Edwards EnterpriseOne 8.12 expected to be available in early 2009.

For more information on the Wells Fargo Adapter, visit the Oracle and Wells Fargo Web sites at:

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