Software vendor Oracle Corp. Monday announced that it is working with Wells Fargo & Co. to integrate Oracle's B2B (business-to-business) Exchange software with the U.S. financial services company's electronic marketplaces.
The tie-up should provide Oracle Exchange users with a range of Internet-enabled B2B commerce services, including credit, electronic payment and settlement, as well as digital certificate-based trust services, Oracle said in a statement. Users will also have access to international trade technologies such as online letters of credit.
Wells Fargo expects to offer users of OracleExchange.com and Oracle-powered exchanges services that are part of its WellsXchange offering which allows members of e-marketplaces to conduct domestic and international transactions without leaving a marketplace site.
"Services to buyers and sellers are through Oracle Exchange, right on the market site," said Deborah Ball, e-business manager, wholesale Internet solutions at Wells Fargo. "So it's more efficient and faster."
Ball sees the partnership between Oracle and Wells Fargo as a significant move in changing B2B commerce. "I think financial services are crucial to the growth of B2B markets because e-markets really enable buyers and sellers to transact business online," she said. "It's quick, efficient and convenient for them."
Wells Fargo is part of the Oracle Exchange Partner Initiative (OEPI) that provides services for Oracle Exchange operators, suppliers and buyers worldwide.
Oracle, based in Redwood Shores, California, can be reached on the Web at http://www.oracle.com/. Wells Fargo, based in San Francisco, California, can be reached on the Web at http://www.wellsfargo.com/.