Wachovia, the fourth-largest bank in the US, is to implement software from Frictionless Commerce to manage its network of contracts and supplier relationships.
The enterprise sourcing platform will be used to manage key suppliers and contracts, introduce workflow routines and provide a vendor selection audit trail in RFP and auction events. The system will also be used to help the bank meet stated diversity objectives in attracting minority- and women-owned suppliers in sourcing.
Bill Huber, SVP and director of strategic sourcing, Wachovia, comments: "Through Frictionless, Wachovia will be able to streamline its contract management processes plus facilitate additional controls surrounding policies, procedures and regulatory requirements."
Stephen Sharp, president and CEO, Frictionless Commerce says heightened government regulations surrounding vendor management, make it essential for organisations to have a clear, auditable vendor management process.