Ivalua, a leading global spend management solutions provider, announced today that Scotiabank, one of Canada's largest banks and the 9th largest bank in North America by assets and profits, has selected Ivalua to address its need for a centralized procurement process and solution that will empower its global procurement and vendor risk management initiatives.
"Scotiabank needed a comprehensive solution that would allow us to more effectively manage the source-to-pay process, as well as improve enterprise visibility into supplier performance and risk. After reviewing all of the top players on the market, Ivalua's integrated solution and experience in the financial services industry made it the clearchoice for us," said John Moran, Senior Vice President of Finance at Scotiabank. "We're very excited to start working with Ivalua and we look forward to a long-term, successful relationship."
Prior to signing with Ivalua, Scotiabank's strategic and transactional procurement processes were managed through multiple systems resulting in efficiency challenges withlimited visibility across source-to-pay processes. In addition, emerging compliance standards in the financial services industry increased the need for a more effectiveprocurement and supplier management platform.
Scotiabank will use Ivalua globally to automate and support the following processes:
· All elements of Scotiabank's Source-to-Pay Process
· Spend Analysis
· Services Procurement
· Expense Management
· Vendor Risk Management
· Procurement Portfolio Management
"Ivalua has a long tradition of working with leading financial services companies, and we are honored and excited to be working with such a large player in the industry likeScotiabank," said Dan Amzallag, CEO of Ivalua. "In today's market you need to move beyond slogans to deliver real, measurable value to large, discerning buyers, and when companies like Scotiabank look deeply at the various technologies on the market they tend to find their way to Ivalua."