**New York**: Zip, a procurement orchestration platform, is rapidly expanding in the financial services sector as major institutions adopt its AI-driven technology to enhance compliance and efficiency amidst evolving regulatory demands. The company demonstrates substantial customer outcomes while hosting an industry summit on procurement best practices.
Zip, a procurement orchestration platform, is experiencing significant growth within the financial services sector, where its AI-driven technology is being adopted to navigate increasingly complex regulatory demands. Major financial institutions, including Prudential Financial, Invesco, Affirm, Coinbase, and Discover Financial Services, are reportedly utilising Zip’s platform to enhance procurement operations while ensuring compliance with regulatory requirements.
As the deadline for stricter regulatory standards approaches in 2025, financial institutions are under pressure to improve their governance and oversight of procurement processes. This shift comes as regulators focus on third-party risk management and technology dependencies, prompting banks and financial entities to adopt solutions that streamline their procurement activities. Many institutions had previously relied on multiple systems for procurement, leading to inefficiencies and potential compliance issues. Zip’s platform aims to simplify this landscape, presenting a unified approach that enhances audit trails and automates risk assessments.
The effectiveness of Zip’s platform is illustrated through several customer outcomes. Discover Financial Services reported a 67% increase in procurement throughput, and a reduction in cycle times by 14%, while eliminating over 3,000 unnecessary approval steps annually. Northwestern Mutual achieved an 18% cost reduction and increased their spend under management by 20%. Coinbase noted a 50% improvement in resolution times, bolstering its global compliance and audit readiness.
Jason Moore, Head of Enterprise Transformation at Zip, highlighted the challenges that financial institutions face in managing compliance, stating, “Having led procurement transformation at Discover Financial Services, I’ve witnessed firsthand how regulatory scrutiny and third-party risk management have become increasingly complex.” He added that institutions are opting for Zip “because we understand their unique challenges and deliver the agility they need while maintaining strict controls.”
To further discuss the evolution of procurement practices and share insights on industry best practices, Zip is hosting the invitation-only Zip Exec Summit New York. Scheduled for February 19, the event will include sessions featuring executives from notable institutions such as Invesco and Prudential Financial. Topics to be discussed include innovative strategies for procurement as well as transforming operations amid shifting regulations.
Zip, recognised as a leader in procurement orchestration, is positioning itself as a vital tool for firms looking to optimise their procurement processes and improve compliance in a heavily regulated environment.
Source: Noah Wire Services
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