Australian banking group Westpac has collaborated with cloud-based business spend management (BSM) platform provider Coupa to enable SMEs to get paid paster.

Coupa uses artificial intelligence (AI) technology and machine learning to deliver real-time insights and benchmarks for better spending decisions.

The alliance between Westpac and Coupa will offer real-time budget visibility and increased purchasing power for firms with a large procurement spend and complex supplier relations, the bank noted.

Westpac Institutional Bank general manager of global transaction services Di Challenor said: “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.

“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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

According to the bank, the tie-up will support risk reduction, automation of manual tasks, compliance, and ultimately offer cost savings.

Coupa senior vice president of business development and alliances Roger Goulart said: “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.”