Embedded Banking Services with Bank of America for Real-Time Bank Balances

Embedded banking services with Bank of America provide businesses with a comprehensive view of their cash position, payments, and receipts. The solution includes ready-to-use connectivity between Oracle and Bank of America for U.S. and Canada customers. It includes rapid bank account onboarding, predefined ISO payment templates, automated funds capture and disbursement transmission, and continuous bank statement retrieval, processing, and reconciliation. 

The latest update introduces the Cash Balances Dashboard as a central hub for reviewing real-time Bank of America account balances, enabling businesses to make timely, informed cash management decisions. By leveraging Bank of America’s Current Day Balance Inquiry API, the integration fetches and displays the most up-to-date balances, helping organizations enhance liquidity visibility and optimize cash management through a single, consolidated view.

Business benefits include:

  • Accelerated access to real-time bank balances in your Cloud ERP system by integrating the Bank of America's Current Day Balance Enquiries API.
  • Enhanced visibility into real-time bank balances, allowing for better liquidity management and more effective cash flow decisions.
  • Maximized investment returns by leveraging precise, real-time data to make informed decisions and allocate funds for optimal performance.
  • Strengthened fraud detection and prevention by promptly identifying unusual bank balances for quicker response to potential threats.

Steps to Enable and Configure

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

Review Service Request Process for B2B Embedded Banking Services (KB80112) and also refer to the 25C What's New Treasury and Payments > Manage Cash Activities and Operations > Integrated Banking and Payments with Bank of America to familiarize yourself with the overall integration and requirements.

To enable this feature, you need to complete the following steps:

1. Enable Real-time balances dev opt-in.

  • Navigation: Setup and Maintenance > Manage Standard Lookups
  • Search for ‘ORA_ERP_CONTROLLED_CONFIG’
  • Create dev opt-in ‘CE_35163538’

2. Navigate back to FSM task and Enable the Flow - Real-Time Bank Balance.

  • To connect with Bank of America Real Time Bank Balance Service, navigate to FSM to the Manage Embedded Banking Configurations FSM task, falling under the Banking Configurations functional area.
  • Navigation - Setup: Financials > Banking Configurations > Manage Embedded Banking Configurations 
  • Select Bank of America from the list.
    • Check Real-Time Bank Balance flow.
    • Select the flow Real-Time Bank Balance and click Next. As this is the first time the connectivity process is initiated, there is no status.
  • After initiating onboarding with BofA, securely provide the SSH and PGP keys generated in Cloud ERP to BofA. BofA will upload these keys and switch the account to password-less access. Once done, BofA places a confirmation file in your outgoing folder, which Oracle Cloud ERP detects to update the connectivity status and finalize the integration.

3. Enter the OAuth credentials obtained from Bank of America as described below:

  • After clicking on Next button, the status changes to Completed. It implies that the back-end process for establishing and verifying API connectivity has completed with Bank of America. The process takes several seconds for it to complete and hence, it will not be In Progress. 
  • After clicking on Next button, the new page opens, and the status badge will appear on the righthand side of the UI indicating the connectivity has completed successfully.
  • Enable the Real-time Balance Processing option in the bank account setup.
    • Navigation:  Setup and Maintenance > Manage Bank Accounts
    • Search for the Bank Accounts and edit the accounts with Real-Time Balance Processing flag checked.

Tips And Considerations

  • If there are any issues specific to this integration service, please log a service request. For instructions, please see Service Request Process for B2B Embedded Banking Services (KB80112).
  • This feature uses the Bank of America 'Current Day Balance Enquiries' API for the real-time balances. Please work with Bank of America to enable the API for selected accounts, then enable the real-time bank balance functionality in Cloud ERP.

Access Requirements

No new access requirements.