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Publish Date : 13-Jun-2015

A world leading provider of spend management solutions, Ivalua, has announced that one of the largest banks in Canada and North America's 9th largest bank in terms of assets and profits, Scotiabank, has chosen the company to meet its need for a centralized procurement process and solution that will empower its global procurement and vendor risk management initiatives.

While selecting Ivalua, it was noted that emerging compliance standards in the financial services sector increased the need for a more efficient procurement and vendor management platform.

Scotiabank will deploy Ivalua worldwide to automate and support the following processes: All elements of the bank's Source-to-Pay Process; Spend Analysis; Services Procurement; Expense Management; Vendor Risk Management; Procurement Portfolio Management.

John Moran, Senior Vice President of Finance at Scotiabank, said, "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 clear choice for us. We're very excited to start working with Ivalua and we look forward to a long-term, successful relationship."

Dan Amzallag, CEO of Ivalua, added, "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 like Scotiabank. 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."

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