Secure Bank Integration Framework for Oracle ERP Fusion: Enhancing Payment Disbursement, Auto Lockbox, and Bank Account Reconciliation

Abstract

This study examines how secure bank integration of Oracle ERP Fusion can be utilised to enhance financial processes, specifically payment disbursement, Auto Lockbox, and bank reconciliation. The framework secures against security threats by use of the secure APIs, encryption, and tokenization, which contribute to the efficiency of operations. The outcomes demonstrate that the payment success rates have increased by 13% and the time of reconciling time has been cut by 30%. The framework also resulted in a 50% reduction in fraud cases, demonstrating that effective security measures can mitigate financial risks. Practical benefits are demonstrated in real-world case studies, such as Intel and HSBC, which have emphasised that they have reduced payment errors by 24% and the costs of reconciliation by 15%. Additionally, HSBC has realised a 50% reduction in the number of fraud cases after integration. The findings highlight the significant advantages of a secure ERP-bank integration in enhancing transaction accuracy and operational performance, as well as mitigating the risk of fraud. The structure is industry-standard and well-suited for working with large corporations, offering scalable solutions to both small and large businesses. Further studies should focus on the long-term effectiveness of this integration, taking into account emerging technologies such as blockchain and artificial intelligence, and provide more effective and efficient security measures and increased efficiency.