Embedded Banking Services with J.P. Morgan
Embedded banking services with J.P. Morgan provides businesses with a comprehensive view of their financial position to operate their day-to-day business finance effectively.
Before using this feature, you must first work with a J.P. Morgan implementation team to establish the bank accounts and the related scope of the services you want to include. Please contact your J.P. Morgan sales/relationship manager.
The solution provides integrated banking and payment services enabled from turnkey connectivity between Cloud ERP and J.P. Morgan Payments for U.S. and Canada customers. It includes synchronization of all bank account master data, the requisite setup needed to automate funds capture/disbursement, and continuous bank statement retrieval, processing, and reconciliation.
The integration also provides a seamless onboarding experience by automatically configuring connectivity and importing bank account master data.
- Banks and Bank Accounts: Configure security credentials and your J.P. Morgan bank, bank branches, and bank accounts automatically with Oracle Cloud ERP.
- Funds Disbursement: Configure payment and acknowledgment processing setups for disbursements. Process disbursements seamlessly with J.P. Morgan.
- Funds Capture: Configure direct debit, acknowledgment and lockbox processing setups for receipts. Process receipts and lockbox seamlessly with J.P. Morgan.
- Bank Statement Processing: Configure bank statement formats and reconciliation setups, and quickly process and reconcile J.P. Morgan bank statements.
Connectivity and Bank and Bank Accounts
Manage banks, bank branches, and bank accounts using the integration with J.P. Morgan. This maximizes efficiency and eliminates time-consuming activities through automated maintenance of bank accounts and related reconciliation configurations. The turnkey bank onboarding uses a J.P. Morgan-specific template to generate the banks, bank branches, and bank accounts.
Through the integration, the onboarding process automatically retrieves the template from J.P. Morgan's secured SFTP location and creates the bank master data. Once the bank accounts are created, the process automatically attaches the business functions and business units, reconciliation configurations, and bank statement transaction creation rules needed for payables and receivables processing. Users can review the onboarded bank accounts from the bell notifications.
Funds Disbursement
Process payment and acknowledgment files for funds disbursement using the integration with J.P. Morgan. Customers can generate and send payment files in the J.P. Morgan preferred format and retrieve and process disbursement acknowledgment files.
The integration uses the J.P. Morgan message format based on ISO20022 CGI standards. This format includes payment by ACH, Wire, and check for the US and Canada. The integration provides the acknowledgment processing feature with complete automation for file retrieval and processing. It processes L0, L1 and L2 acknowledgment files generated by J.P. Morgan at various points in the clearing flow. The invoice status changes from Paid to Unpaid for rejected payments, allowing users to take corrective action. Users receive bell notifications indicating the successful completion or failure of the payment batch and acknowledgment processing.
Funds Capture - Direct Debit Processing
Process direct debit settlement batch and acknowledgment files using the integration with J.P. Morgan. Customers can generate and send direct debit settlement batch files in the J.P. Morgan preferred format and retrieve and process direct debit disbursement acknowledgment files.
The integration uses the J.P. Morgan message format based on ISO20022 CGI standards. This format includes ACH direct debits for the US and Canada. The integration provides the acknowledgment processing feature with complete automation for retrieval and processing of bank acknowledgment files. It processes L0, L1, and L2 acknowledgment files generated by J.P. Morgan at various points in the clearing flow. The receipt status changes from Remitted to Confirmed for rejected settlements, allowing users to take corrective action in Receivables. See How Receipts are Reversed for more information. Users receive bell notifications indicating the successful completion or failure of settlement batch and acknowledgment processing.
Funds Capture – Lockbox
Process intraday lockbox using the integration with J.P. Morgan to enable near real-time customer balances. J.P. Morgan can provide a remittance service that includes payment advice processing and remittance advice collection from emails and Excel files. Payment advice and remittance information are collated and combined with the lockbox file, eliminating the need for manual entry and application.
Bank Statement Processing
Process and reconcile bank statements using the automated integration with J.P. Morgan. This maximizes efficiency and eliminates time-consuming activities through automatic bank statement processing and reconciliation.
- Regular retrieval and processing of prior day bank statements.
- Automatic creation of new bank statement transaction codes reported on bank statement lines.
- Automatic creation of bank statement transaction creation rules and reconciliation of bank statement lines.
- Automatic unreconciliation and voiding of rejected payments, and reconciliation of the original and rejected bank statement lines.
- Automatic reversal of rejected direct debit transactions and reconciliation of reversal bank statement lines.
- Automatic generation of bell notifications to confirm completion of the automatic reconciliation process, including reconciliation exceptions, if any.