Stifel Financial Corporation

Oracle Cloud Lockbox Automation

Stifel Financial Corp. is a full-service multinational independent investment bank and financial services company, first established in 1890. Stifel is a diversified global wealth management and investment banking firm focused on building relationships that help individuals, families, and organizations pursue their financial goals. Their expertise spans sectors and products in both public and private markets. Stifel is driven by relationships and is committed to earning long-term trust from clients.

With a team of over 7,500 employees in 400+ global locations, Stifel has a workforce with headquarters in St. Louis, Missouri and London, England. Stifel is organized into three segments: Global Wealth Management, Institutional Group, and Other.

Scope of the Project

The Stifel/Elire partnership began in 2017 with Oracle referring Stifel to Elire for assistance with their Oracle Cloud Cash Management module. Stifel brought in Elire to optimize their Cloud Investment and implement Cash Management to take advantage of the ability to automate their end-to-end process with Cloud ERP by completing bank connectivity.

In May of 2022, Stifel requested assistance from the Elire team to be involved with a lockbox automation project. The project had the objective of completing a ‘no touch’ process so that once an invoice is created in Oracle, a nightly Outbound Report will be sent to Capital One’s OneBillPay website. Customers would then be able to pay their invoices on this website and an inbound feed will come back daily from Capital One to Oracle Cloud. Oracle will ingest the data into Accounts Receivable and automatically create and apply receipts to matching invoices, all without human intervention.

The Challenge

One challenge that prevented the Elire Team from automating the process was a lack of a defined integration tool. This temporarily broke the idea of it being a no touch process, as Cloud couldn’t ingest the data Capital One was providing. Stifel ultimately implemented Oracle Integration Cloud, which was able to create the desired no-touch process. The current version of Oracle does not have any other Oracle native solutions to complete the mapping Stifel is doing with OIC.

Success Delivered

Stifel customers are now able to log into the portal to pay their invoices. Stifel’s then able to manually bring those payments into Oracle Cloud via Accounts Receivable, which then automatically creates a receipt, and matches an invoice without human interaction. The partial automation of this process saves time and money because of the reduced manual intervention and the reduced potential for error. The creation of this single-thread processing also allows for better access to customer invoicing, and a more streamlined invoicing process. Ultimately this initiative has expanded Stifel’s usage of Oracle Cloud as they continue to evolve with the application.

Want to learn more?

Interested in learning more about how Elire can assist your Cloud team? Visit our Oracle Cloud Services Page or contact our team at [email protected].