Oracle, AmEx Partner in E-Commerce Endeavor
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Credit Card provider American Express has entered into a strategic partnership with Oracle to streamline online payments.
As part of the strategy, Oracle, a leading provider of e-business software, is integrating the American Express corporate purchasing card into its e-business suite.
Financial terms of the deal were not disclosed.
The interoperability will facilitate the process of order placement, fulfillment, reconciliation, data management and program maintenance, according to Anthony Fernicola, senior vice president of Oracle Corp.
"The Oracle e-business suite is a complete Internet-based solution," he said. "Adding interoperability with the American Express card eliminates the need for invoices and checks and provides our customers with another value-added service that is tightly integrated with e-business processes."
The partnership will benefit both small and large businesses, noted Marc Schuessler, vice president, corporate e-payment services at American Express.
"This integration will streamline e-procurement for companies of all sizes," he said. "The integration offers customers a quick and easy payment solution and helps speed up the migration of transactions online."
The debut will hopefully put etailers on the right track for processing online payments. Forrester Research anticipates that sales over the Internet will skyrocket to $2.7 trillion in 2004.
Meanwhile, according to research by ActivMediaResearch, online sales for B2C marketers will reach $1.1 trillion by 2010.