How PNC Integrated Banking Platform with Oracle Cloud ERP
PNC Bank has integrated its PINACLE Connect embedded banking platform with Oracle Fusion Cloud Enterprise Resource Planning, allowing corporate and commercial banking clients to access treasury services directly within the ERP system.
The integration uses Oracle's B2B offering to provide connectivity between PNC's banking services and Oracle Cloud ERP.
Clients can now retrieve balance and transaction information, initiate and approve payments, and reconcile accounts without navigating between separate platforms.
The embedded banking experience targets the elimination of manual processes that require switching between banking and ERP systems.
Corporate clients using Oracle Fusion Cloud ERP can access PNC treasury functions through the same interface they use for other financial operations.
Streamlined treasury operations
Howard Forman, Executive Vice President and Head of PNC's Commercial Digital Channels, says the bank remains “committed to delivering innovative, secure and efficient solutions within PNC's Treasury Management platform that integrate seamlessly into our clients' workflows”.
He adds: “By embedding our services within Oracle Cloud ERP, our clients can more effectively manage their cash position and spend more time running their businesses, while spending less time establishing bank connectivity and handling manual financial tasks.”
The integration builds on PNC's strategy of connecting banking services with ERP and treasury management systems. The bank has previously established similar connections with other enterprise software platforms to reduce the number of systems corporate clients need to manage.
PNC Treasury Management provides cash management technology and implementation services for corporate clients. The platform includes payment processing, account management, and reporting functions designed for businesses with treasury operations.
Oracle partnership expands reach
Oracle Cloud ERP serves more than 10,000 organisations globally with enterprise finance and operations capabilities. The platform includes financial management, accounting, procurement, project management and supply chain functions.
Catherine You, Group Vice President at Oracle, says: “Manual navigation between banking platforms and financial management systems can add friction, complexity, and human error, reducing the efficiency of financial processes.”
Catherine adds: “With PNC's banking services embedded in Oracle Cloud ERP, joint customers can increase the speed and accuracy of transactions to further increase productivity, reduce costs and improve controls.”
The integration represents PNC's effort to compete in the embedded banking sector, where financial institutions integrate services directly into business software platforms.
Banks are increasingly partnering with software companies to reach corporate clients through their existing workflows.
The embedded banking market has grown as businesses seek to consolidate financial operations within existing software systems. Corporate clients report time savings and reduced errors when banking functions integrate with ERP platforms.
PNC operates as one of the United States' diversified financial services institutions, providing retail and business banking services alongside corporate banking and wealth management.
Howard says the bank will continue developing embedded banking connections with other enterprise software providers to expand client access to treasury services within their existing business systems.
