Fintech company automates accounts-payable processes with Oracle Integration Cloud to increase efficiency, reduce costs, and win new customers.
“Oracle Integration Cloud is crucial to the success of our early payment products. It’s an out-of-the-box solution for clients using Oracle Fusion Cloud ERP that has given all parties confidence in the quality, scalability, and security of the integration process. We look forward to continuing this successful journey with Oracle and rolling the solution out to existing and new clients.”
As the United Kingdom’s leading provider of early payment programs, Birmingham-based Oxygen Finance pays supplier invoices for its customers ahead of contracted terms to drive predictable cost savings, purchase-to-pay (P2P) efficiencies, and social value by injecting liquidity into local economies. It also helps keep commercial partnerships moving forward and reduces risk of noncompliance with the UK’s Late Payment legislation.
Looking to expand its market reach, limit costs, and reduce the number of manual processes, Oxygen Finance required a cloud-based solution to automate integrations with its customers’ Oracle-based enterprise resource planning systems. The traditional point-to-point integrations between Oracle Fusion Cloud Enterprise Resource Planning (ERP), Oracle E-Business Suite, and Oxygen Finance’s early payment solution required significant development resources and technical know-how. The entire process was complex, time-consuming, and prone to errors.
Oxygen Finance decided to build a connector that automatically facilitates the interaction between Oracle Fusion Cloud ERP, Oracle E-Business Suite, and the company’s solution, with the goal to provide secure data transmission and storage. By updating its accounts payable platform to the level of a scalable, replicable solution that manages invoices from suppliers more fluently, Oxygen Finance’s goal was to win new market share as well.
Oracle Integration Cloud has worked great for us by offering instant functionality and value to our customers.
Why Oxygen Finance chose Oracle
Using Oracle Integration Cloud and working with Oracle Consulting to deploy the solution has provided Oxygen Finance and its customers with a stable, secure early payment solution that helps reduce costs and minimizes pressure on internal resources.
Additionally, Oracle Consulting provided a “one Oracle” approach with a fixed-price proposition that met Oxygen Finance’s budget.
Oracle Integration Cloud enabled Oxygen Finance to free IT resources for value-added tasks and achieve significant cost savings.
By using Oracle Integration Cloud’s standard deployment patterns and working with Oracle Consulting, Oxygen Finance reduced delivery time, minimized the overall risk and cost of the initial build, and ensured compliance with legislation in the field.
In cases where previously the deployment time of Oxygen Finance’s early payment solution to its customers lasted several months, that interval has been reduced from as long as 100 days to one or two weeks with Oracle Integration Cloud, unlocking value for customers much earlier.
The end-to-end automation of customers’ accounts payable invoices via Oracle Integration Cloud has helped free up valuable resources and significantly reduce complex manual work associated with managing integrations, which allowed Oxygen Finance’s customers to focus entirely on their business.
Using Oracle Integration Cloud, Oxygen Finance created an automated, repeatable, and reusable process via a set of standardized interfaces, enabling the company to more fluidly onboard clients using Oracle Fusion Cloud ERP and Oracle E-Business Suite.
Oracle Integration’s advanced features have also helped Oxygen Finance provide private and public sector customers with a seamless experience and peace of mind by ensuring that there are no inconsistencies across the deployed code and that the solution is future-proofed for Oracle Cloud.
The collaboration between Oracle Consulting and Oxygen Finance during the deployment provided the in-depth skills and expertise Oxygen Finance required to confidently build the integrations in Oracle Integration Cloud. “The two teams shared the same perspective about the process and tools needed to successfully deliver a scalable solution for our customers,” says Rob Parker, chief technology officer at Oxygen Finance
About Oxygen Finance
Established in 2004, Oxygen Finance is a UK-based fintech company specializing in early payment and effective procurement solutions, as well as market insights and analytics for public and private organizations.