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.

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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.”

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.”