Australian lender Westpac announced its partnership with business spend management (BSM) firm Coupa to help companies improve finance management on a cloud-based platform.
The collaboration is expected to deliver cost savings while automating inefficient tasks, facilitating risk reduction and improving compliance.
Di Challenor, Westpac Institutional Bank’s general manager, global transaction services, said, “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.”
Organizations with large procurement spend or complex supplier relationships will get real-time visibility on budgets, increased purchasing power and more efficient processes.
Challenor further added, “By combining the Coupa BSM Platform with Westpac’s eInvoicing, payments and reconciliation solutions, CFOs have real-time oversight into their organizations’ spending behavior, allowing them to proactively identify and address small problems before they turn into big issues.”
To give customers real-time insights and benchmarks for smarter spending decisions Coupa will leverage artificial intelligence (AI) and BSM community insights.
Roger Goulart, senior vice president of Business Development and Alliances at Coupa, said, “We’re delighted to partner with one of Australia’s leading institutional banks. This partnership means we’re in a strong position to help CFOs and finance teams get full visibility and control to drive real value across the business and the bottom line. This will result in some exciting procurement innovations for our mutual customers.”
Westpac’s move with Coupa is in line with the Australian government’s increased focus on digitalization.
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