Westpac gives SMEs the cloud
Westpac has partnered with software provider Coupa to help small businesses manage their spending on a cloud platform.
The bank’s move comes at a time as the government increases its focus on digitising procurement and adoption of the Australian Supplier Payment Code.
According to a statement from the bank, Westpac is the first bank in Australia to transform payables and purchasing through cloud-based procurement solutions for its customers.
“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,” Westpac general manager global transaction services Di Challenor said.
“By combining the Coupa’s 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,” she said.
“Our partnership with Coupa is the first major step towards frictionless supplier payments and delivering end-to-end automation across the working capital cycle.”
According to Challenor, the Coupa platform also offer benefits for small to medium size businesses supplying to large organisations.
“Unlike some other e-procurement platforms, suppliers get access to the Coupa Supplier Portal for free,” she said.
“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.”