Westpac partners with Coupa for e-procurement
Aussie-based bank, Westpac, has become the first in the country to partner with e-procurement cloud platform, Coupa, to help businesses manage their spending.
Coupa’s cloud platform will reduce risk, improve compliance, automate manual tasks and save Westpac businesses money on deliverables.
The partnership anticipates the government’s increased focus on digitising procurement and adoption of the Australian Supplier Payment Code, which enables Westpac to offer e-invoicing along with real-time payments.
“In many cases, the payables process remains inefficient, paper-based, and prone to errors,” says Westpac’s general manager, Di Challenor. “By combining the Coupa BSM [business spend management] platform with Westpac’s e-invoicing, 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.”
Challenor notes a blind spot in the SME category. She adds: “The digitisation of purchase orders, invoicing and payments can’t come fast enough for many smaller suppliers who have no visibility over when they will get paid and struggle to manage cashflow due to today’s inefficient paper-based processes.”
The BSM platform has been deployed by more than 750 organisations such as Salesforce and Unilever, offering a closer look into budgets and increased purchasing power.