Westpac debuts cloud-based procurement via Coupa
Westpac has delivered an Australian first in e-procurement, by partnering with Coupa, a leader in Business Spend Management (BSM), to help businesses more efficiently manage their spending within a comprehensive cloud platform. The partnership enables customers to reduce risk, improve compliance, automate manual and inefficient tasks, and ultimately, deliver cost savings to the business.
Westpac is the first bank in Australia to transform payables and purchasing through cloud-based procurement solutions for its customers. Coupa’s industry-leading Business Spend Management platform has been deployed by over 750 organisations, including MGM Resorts International, Salesforce, and Unilever.
“Corporates have invested heavily in improving the way they receive payments from customers; however, we haven’t seen the same advancements in how payments are made to suppliers. In many cases, the payables process remains inefficient, paper-based, and prone to errors. Our partnership with Coupa is the first major step towards frictionless supplier payments and delivering end-to-end automation across the working capital cycle.” said Di Challenor, Westpac Institutional Bank’s General Manager, Global Transaction Services.
“By combining the Coupa BSM Platform with Westpac’s eInvoicing, payments and reconciliation solutions, CFOs have real-time oversight into their organisations’ spending behaviour, allowing them to proactively identify and address small problems before they turn into big issues,” Ms Challenor said.
Organisations with large procurement spend or complex supplier relationships will get real-time visibility on budgets, increased purchasing power, and more efficient processes.