Online Procurement for Financial Services
Don’t stop at simple cost reduction – gain complete visibility into procurement across all branches and ensure maximum compliance with industry guidelines
Accelerate ROI in Banking, Insurance and Financial Services Procurement
In the competitive world of financial institutions, relying on incomplete spend information means missing savings opportunities and risking failed regulatory audits.
The solution is just a click away: Online Procurement offers ad hoc digital procurement solutions for the financial sector that make it easier to qualify eligible suppliers and align orders and contracts with established corporate-level policies as well as national and international guidelines.
Find out how an all-in-one platform can help you combine procurement efficiency and compliance
Financial Services: Digital Procurement Becomes a Strategic Ally
Banking, insurance, investment services, and financial institutions face an increasingly complex and dynamic landscape that combines strict regulatory compliance with strong pressures for cost optimization, innovation, and sustainability.
With digital procurement, your company can turn compliance into measurable results, reduce costs and mitigate risks – critical in an industry where accuracy and security are critical to success.
Multi-layered regulatory environment
Compliance with a wide range of domestic and international regulations is essential to avoid penalties and protect the reputation of companies in the financial sector.
Automated Supplier Onboarding
Online Procurement automatically verifies the presence and validity of certifications required to operate in the financial sector, such as the DORA certification for ICT service providers. Suppliers upload documentation independently, while the system verifies deadlines and compliance in real time.
Complete audit trails
Access a complete, digitized repository of documents related to orders, contracts, and payments, facilitating reviews and audits by EBA, ECB, EIOPA, ESMA and other relevant national authorities.
Simplified reporting
Consult integrated statistics to create necessary reports and meet industry regulatory requirements.
Risk mitigation in complex organizational structures
Banking groups and credit institutions often operate with distributed organizational structures across Europe, which can hinder transparency and increase risk exposure.
Integration of ESG sustainability factors into business processes
Financial institutions are increasingly required to integrate environmental, social, and governance (ESG) factors into their processes to meet the expectations of customers, investors, and stakeholders, as well as industry guidelines.
ESG Supplier Assessment
Implement ESG criteria in the supplier assessment system, both in qualification and contract execution, and easily identify suppliers with optimal performance.
ESG Reporting
Access the information you need to create a sustainability report that meets stakeholder requirements and brings your organization into compliance with the European CSRD directive.
Always up-to-date certifications
Use the built-in notification system to remind suppliers of due dates and exclude defaulting suppliers from negotiations.
Cybersecurity and sensitive data
Protecting sensitive data and managing the risks associated with suppliers and transactions are top priorities for financial services organisations.
