Last week Oracle enthusiasts from around the globe met in Las Vegas for Collaborate 17, North America’s largest educational Oracle Applications and Technology conference created by and for Oracle users. During this exciting week, Oracle took the opportunity to share some of its newest product strategies with conference goers. In case you missed it, we’ve summarized some of the top updates that has our team and the industry buzzing.
Oracle Cloud, Open APIs + Subject Matter Experts
For long-time Oracle users, it should be no surprise that Oracle’s Cloud strategy took the center stage at most product roadmap sessions during Collaborate. If you are not familiar, Oracle offers a complete cloud-based application and technology stack (including Software-as-a-Service, Platform-as-a-Service, Infrastructure-as-a-Service and Data-as-a-Service) designed to allow organizations to optimize business processes based on industry best practices while, eliminating the complexity that’s traditionally associated with large-scale enterprise technology implementations.
What our team found to be most interesting about these strategy sessions was the special nod Oracle paid to the openness of its cloud platform. What makes this highlight so exciting is, it reassured the user community that Oracle customers will have the power to easily integrate non-Oracle applications of their choosing to the Oracle Cloud Platform via standard APIs. This gives customers a lot of freedom to easily implement applications with various functionalities that will not only enhance Oracle’s offering, but will more precisely meet the needs of their unique business – a concern some on premise customers have raised when evaluating the move to the cloud. Oracle also put a lot of emphasis on its Partner Network, citing it as the go-to marketplace where customers can seek out dependable solutions delivered by niche industry experts that have shown their commitment to supporting the Oracle user community through active partnership.
Credit Card Acceptance + Security in the Cloud
With our eye on evolving trends in payments, our team asked and discovered that Oracle’s Cloud Platform does not yet have the ability to natively accept credit cards unlike its on premise predecessors, think Oracle E-Business Suite and JD Edwards. While this could raise concerns for some, we think this could present an opportunity for Oracle customers to reevaluate the way they approach credit card security and payments all together.
In the past, we found that many organizations that were using Oracle E-Business Suite or JD Edwards to accept credit cards solely relied on Oracle’s encryption software to protect sensitive data associated with credit card transactions. The problem with this tactic is twofold 1.) Oracle released decryption software that can be used decode sensitive data (making it vulnerable to data breaches) and 2.) storing credit card data in Oracle greatly increases the scope of a PCI audit (making them much more complex and costly). So where does that leave Oracle users?
Today, Oracle customers can call on CardConnect to help their organization securely accept payments throughout the entire transaction lifecycle and reduce the scope of PCI - no matter where their Oracle ERP system resides. Over the years, CardConnect has partnered with Oracle to evolve our leading, Oracle-validated, payment gateway into a comprehensive enterprise security platform called CardSecure. CardSecure not only allows Oracle customers to streamline and secure electronic payments, it also provides users with robust reporting platform, automatic reconciliation and optimized interchange rates all in one place.
Sounds great, but how does the platform protect payments you might ask? From a technology perspective, CardSecure uses our Oracle-validated gateway to connect Oracle directly to the banking system, allowing businesses to seamlessly process all transactions. Point-to-Point Encryption (P2PE) ensures a payment transaction is encrypted and tokenized immediately, while other payment platforms’ encryption is delayed. This delayed encryption is the opportunity hackers seek. CardConnect’s tokenization ensures every credit card number is given a unique token that is useless in the event of a data breach. CardConnect’s tokens are irreversible, randomly generated, unique so that a token can be used for recurring charges, while maintaining the BIN recognition and the last four numbers of the card.For more information on securely accepting payments, please visit cardconnect.com/oracle or reach out to us directly at cardconnect.com/signup.