Embedded Banking Services with J.P. Morgan for SEPA Payments

Oracle B2B with J.P. Morgan is part of the Cloud ERP solution that provides businesses with a comprehensive view of their financial position to operate their day-to-day business finance effectively.

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, and 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 using Oracle B2B and importing bank account master data.  The 24B update includes Funds Disbursement using SEPA (Single Euro Payments Area) for processing both the payment and the acknowledgement files for funds disbursement in the SEPA region using the embedded integration with J.P. Morgan.

The integration uses the J.P. Morgan message format based on ISO 20022 XML standards. This format facilitates payments in 36 countries (including some non-euro areas and non-EU countries) where SEPA payments are accepted. The integration provides the acknowledgement processing feature with complete file retrieval and processing automation. It processes L0, L1 and L2 acknowledgement 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 related issues for the payment batch and related acknowledgement processing.

Integration with J.P. Morgan enables seamless payment processing directly from Oracle Cloud ERP for SEPA payments, eliminating the need for manual intervention and reducing processing time.

Business benefits include:

  • This feature ensures compliance with ISO 20022 SEPA standards, minimizing payment errors and fraud risk, while meeting regulatory requirements in the SEPA region through secure payment channels.
  • Companies can manage all supplier payments, including SEPA, centrally within Fusion, providing better visibility and control over their financial operations.

Steps to Enable

To enable this feature you need to log a Service Request (SR).

Please refer to the 23D What’s New, Payables > Embedded Banking Services with J.P. Morgan, to familiarize yourself with the overall integration and requirements. 

Note that the Setup and Maintenance onboarding task “Manage Banking Configurations for J.P. Morgan” has been renamed “Manage Embedded Banking Configurations.”

Funds disbursement with SEPA payments provides the following preconfigured setups:

  • Payment System Account:  J.P. MORGAN_PSA
  • Payment Process Profile:  J.P. MORGAN ISO20022 SEPA
  • Payment Method:  J.P. MORGAN EFT Payment Method

As part of the integration with J.P. Morgan, you can also create payment files using the predefined BIP template J.P. MORGAN ISO20022 SEPA Format.

Tips And Considerations

  • Use SEPA as the Service Level Code.
  • Use the J.P. MORGAN EFT Payment Method as the Payment Method
  • The payer and payee bank account country should belong to the SEPA region.
  • Use payment currency as EUR.
  • Make sure the payer's bank account currency is EUR
  • Users can create their own payment process profile, but must use the preconfigured transmission setup related to this integration.
  • Log a service request for any transmission issues with outbound or inbound files.

The bank generates up to three payment acknowledgement files during the clearing process. Please refer to the 23D What’s New Content, Payables > Embedded Banking Services with J.P. Morgan, for more information on processing acknowledgements.

Key Resources

Access Requirements

You must have the Financial Application Administrator job role to establish connectivity with J.P. Morgan and review all related predefined and automatically configured Functional Setup Manager tasks.