World’s Largest Financial Institutions Utilize JAGGAER Spend Management Solutions for Digital Transformation
- Banking, Insurance and Financial Services
- Press Release
- Source to Pay
- Spend Analytics
RESEARCH TRIANGLE PARK, N.C., December 13, 2018: JAGGAER, the world’s largest independent spend management company, today announces that two of the five biggest insurance companies on the Forbes Global 2000 list, and six of the ten main Italian banks*, use JAGGAER’s digital transformation technology for spend management.
More than 70 companies in the bank and insurance industry rely on JAGGAER’s Source-To-Pay solutions including Bank Muscat, Emirates NBD Group, EVO Banco, Abanca, Banco Sabadell, Intesa Sanpaolo, Cassa depositi e prestiti, Mediobanca, Banca d’Italia, Helvetia Italia Assicurazioni, Gruppo Montepaschi, Cariparma (Crédit Agricole), and Banco BPM. Additionally, JAGGAER has partnered with Mastercard on the recently launched Mastercard TrackTM Platform, a new trade platform designed to streamline and enhance global commercial business interactions.
In addition to functionalities designed for the specific needs of the finance sector, JAGGAER solutions offer maximum IT security, through 6 integrated ISO certifications.
“The JAGGAER platform totally covers the needs of our Group. We have achieved excellent results in a very short time,” says Paolo Favalli, Responsabile Acquisti ICT, Consorzio Operativo Gruppo Montepaschi. “On the security front, JAGGAER’s ISO certifications ecosystem that supports the platform exceeded our expectations,” adds Favalli.
JAGGAER’s vertical spend management solutions are trusted by bank and insurance companies because of industry-specific functions and features:
- Tracked and rigorous procurement processes, that help banks and insurance institutions to overcome the frequent audits and control procedures required by national and international supervisory bodies.
- Strongly guided purchasing processes, for fully coordinated procurement management at company level. This is particularly important because banks and insurance companies have multiple locations and complex authorization processes, due to the rigid regulations in the finance segment.
- Flexible platform configuration, that makes it easier to align processes to the customers’ needs.
- Functionalities to manage suppliers’ qualification and segmentation, on many different parameters, including performance, risk and strategic role. This tracking helps companies to conform to the EBA (European banking Authority) regulations on outsourcing processes management.
- Easy integration with “infoproviders,” data bases, for an effective collection of information on suppliers from certified sources.
- Easy and fast extension of the solution to new branches or divisions, in a sector segment characterized by frequent mergers and acquisitions.
“Working with so many premier financial intuitions and insurance companies has enabled JAGGAER to develop specific solutions for their complex needs. Our solutions are designed with the security, regulatory compliance and flexibility this important industry requires,” says Robert Bonavito, CEO, JAGGAER.
*Source: Mediobanca Ricerche e Studi 2018
About JAGGAER: Procurement Simplified
JAGGAER is the world’s largest independent spend management company, with over 2000 customers connected to a network of 4 million suppliers in 70 countries, served by offices located in the Americas, APAC, Asia and EMEA. JAGGAER offers complete SaaS-based Source to Pay solutions with advanced Spend Analytics, Sourcing, Supplier Management, Contract Lifecycle Management, Savings Tracking, and intelligent workflow capabilities all on a single platform, JAGGAER ONE. JAGGAER has pioneered spend solutions for over two decades and continues to lead the innovation curve by listening to customers and stakeholders in all industry sectors, public services and academia. Additionally, JAGGAER holds 37 patents–more than any other spend management company.
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