One audit-ready system across all banking entities
Regulators demand a clear record across every branch and subsidiary. Precoro ties purchase orders, approvals, and invoices into one system and provides a single reference point for procurement in the banking industry. Multi-entity reporting remains simple, accurate, and compliant.
Banking controllers don’t need flashy dashboards—they need proof that drives procurement transformation in banking. With Precoro, you can slice and dice spend across 150+ data points—by branch, department, project, account code, vendor, and more—in real time.
Every PO, receipt, and invoice stays linked in one place, so when auditors show up, you hand them a clean trail. Month-end stops being a scramble, with every figure in procurement in the banking sector accounted for.
In the procurement in banking, a single off-contract purchase or shady vendor payment can snowball into regulatory trouble. Precoro stops that risk at the source. Teams order only from pre-approved catalogs tied to negotiated contracts, so nothing slips in from unvetted vendors.
Rates stay locked, unapproved spend gets blocked before it touches accounts payable, and vendor performance can be compared side by side. Banking procurement fraud gets shut down early, with all funds under control.
Most fraud slips through at the invoice stage. Precoro closes that gap in procurement in the banking sector. Invoices match automatically to purchase orders and receipts, with AI-powered checks flagging duplicates or mismatched amounts before payment.
Recurring expenses can be automated with blanket POs, so staff don’t waste hours re-entering the same data. Controllers see a clean ledger, and duplicate invoices never sneak past the banking procurement system.
Banks run on multiple cost centers, entities, and branch offices—each with its own rules. That makes spend almost impossible to see in full. Precoro centralizes procurement in the banking industry into a single system while still letting you set local budgets, approval rules, and reporting where needed. Switch between entities instantly, track spend down to account code, and enforce policy without limiting local flexibility.
Banking procurement runs under strict oversight, from internal controls to central bank inspections. Precoro keeps every procurement action traceable, with approvals, contracts, and policy checks built directly into the workflow. Instead of chasing down paper trails when regulators call, you can pull complete, time-stamped records in seconds. Procurement teams stay compliant by design, not by chasing documents after the fact.
In banking, budgets are carefully planned across branches, departments, and projects. Precoro keeps every procurement activity aligned with those financial plans. Every new expense updates budgets automatically, so finance teams can see planned vs. actual spend in real time and notice deviations early. You no longer need to deal with manual reconciliations or end-of-month surprises—just clear, current numbers that keep procurement and finance in sync.
WHAT OUR CUSTOMERS ARE SAYING
What procurement in the banking sector really looks like with Precoro
MC
Accounting Lead
Financial Services
Great software! This [banking procurement] tool has been helping us a lot, getting our AP more organized, running reports as needed, and you can also customize pretty much everything. It's easy to use and a very complete software. Our account executive has been awesome and answered all our questions and concerns.
VU
Financial Services
Mid-Market (51-1000 emp.)
Precoro is A to Z. It allows us to streamline finance approvals by role, threshold, etc. Customizable fields and a simple user interface that covers what we need. We integrated Precoro into our vendor process as a seamless must-have, and buy-in was not difficult once users got into the platform.
RS
Finance Officer
Banking
User friendly and easy to use and navigate. Information and documents are easy to retrieve. Saves a lot of time. I love the feature which allows you to customize your own reports. Support is great and we receive quick feedback on queries. Approval workflow is very evident that promotes ownership and control.
KK
Finance Officer
Banking
Precoro customer survey experience has been good. Easy to use and support is very excellent when needed. Easy to use, [you can] build your own report, and it eliminates paperwork.
LB
Head of Finance
Small-Business (50 or fewer emp.)
Precoro is a simple and highly efficient vendor and expense management workflow system that is value for money. I couldn't recommend it more highly to any company looking for an easy-to-implement tool that is cloud-based, virtually plug-and-play, simple, and intuitive to use. We've saved enormous time and enhanced our internal controls environment substantially with the implementation of Precoro. High five to the team!
DC
Mid-Market (51-1,000 emp.)
Really love the simplicity of the [banking operations] system [in procurement]. I have found in the past how complicated and confusing PO systems can be which puts off people raising them. The simplicity of the system allows clarity and efficiency in what would usually be a complicated system. I really like the use of the budgeting tool, and the implementation team are very responsive and kind.
RK
Risk Management
Financial Services
Overall, I was very pleased with my experience and would recommend Precoro to anyone looking for a streamlined purchasing and tracking solution. The ability to purchase and track items in one place was extremely handy, and the interface was very user-friendly. Precoro is a great option for a comprehensive and user-friendly [banking procurement] tool to streamline our purchasing and track our spending.
KM
Senior Finance Manager
Small-Business (50 or fewer emp.)
My favorite thing about using Precoro is the people behind it. The system continues to be improved over time, and user feedback is really listened to. The interface is easy for folks who are not in the system often (approvers, etc.) Speaking of that, the approval workflow process is super easy. Many systems I have used in the past, I need a system admin to help create workflows, but this one is so easy that I can do it myself as a finance professional. It is easy to set up vendors, and they can easily use the POs we generate from the system. Overall, I would recommend this system to others for their AP needs.
PH
Head of Finance
Mid-Market (51-1000 emp.)
Precoro has propelled a paper-based procurement function into the modern age of efficient cloud software. Precoro's implementation and support are fantastic and helpful.
MC
Accounting Lead
Financial Services
Great software! This [banking procurement] tool has been helping us a lot, getting our AP more organized, running reports as needed, and you can also customize pretty much everything. It's easy to use and a very complete software. Our account executive has been awesome and answered all our questions and concerns.
VU
Financial Services
Mid-Market (51-1000 emp.)
Precoro is A to Z. It allows us to streamline finance approvals by role, threshold, etc. Customizable fields and a simple user interface that covers what we need. We integrated Precoro into our vendor process as a seamless must-have, and buy-in was not difficult once users got into the platform.
RS
Finance Officer
Banking
User friendly and easy to use and navigate. Information and documents are easy to retrieve. Saves a lot of time. I love the feature which allows you to customize your own reports. Support is great and we receive quick feedback on queries. Approval workflow is very evident that promotes ownership and control.
KK
Finance Officer
Banking
Precoro customer survey experience has been good. Easy to use and support is very excellent when needed. Easy to use, [you can] build your own report, and it eliminates paperwork.
LB
Head of Finance
Small-Business (50 or fewer emp.)
Precoro is a simple and highly efficient vendor and expense management workflow system that is value for money. I couldn't recommend it more highly to any company looking for an easy-to-implement tool that is cloud-based, virtually plug-and-play, simple, and intuitive to use. We've saved enormous time and enhanced our internal controls environment substantially with the implementation of Precoro. High five to the team!
DC
Mid-Market (51-1,000 emp.)
Really love the simplicity of the [banking operations] system [in procurement]. I have found in the past how complicated and confusing PO systems can be which puts off people raising them. The simplicity of the system allows clarity and efficiency in what would usually be a complicated system. I really like the use of the budgeting tool, and the implementation team are very responsive and kind.
RK
Risk Management
Financial Services
Overall, I was very pleased with my experience and would recommend Precoro to anyone looking for a streamlined purchasing and tracking solution. The ability to purchase and track items in one place was extremely handy, and the interface was very user-friendly. Precoro is a great option for a comprehensive and user-friendly [banking procurement] tool to streamline our purchasing and track our spending.
KM
Senior Finance Manager
Small-Business (50 or fewer emp.)
My favorite thing about using Precoro is the people behind it. The system continues to be improved over time, and user feedback is really listened to. The interface is easy for folks who are not in the system often (approvers, etc.) Speaking of that, the approval workflow process is super easy. Many systems I have used in the past, I need a system admin to help create workflows, but this one is so easy that I can do it myself as a finance professional. It is easy to set up vendors, and they can easily use the POs we generate from the system. Overall, I would recommend this system to others for their AP needs.
PH
Head of Finance
Mid-Market (51-1000 emp.)
Precoro has propelled a paper-based procurement function into the modern age of efficient cloud software. Precoro's implementation and support are fantastic and helpful.
Industry-leading platform for banking companies
See how procurement transformation in banking can be achieved with Precoro
Key results:
- Automated procurement process
- Faster order processing
- Insights from custom reports
- Enforced budget compliance
- Instant approvals
Precoro is Used for:
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Purchase orders
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Budgets
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Approvals
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Custom reports
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Digitization
ALIGNED PROCUREMENT
E-procurement in banking operations that keeps all your tools in sync
Forget double entry. Precoro syncs with your ERP and accounting systems so every purchase order, invoice, and payment stays aligned. Branches can shop, submit for approval, and generate POs in minutes.
Need something custom?
Use our API or let Precoro build a tailored integration for you.
PROCUREMENT TRANSFORMATION IN BANKING
Why investment in banking procurement pays off
Complex banking approvals and multi-branch requests don’t have to be a burden. Precoro organizes procurement in the banking industry into a smooth, reliable process your team can count on.
Fast rollout and adoption
Banking operations systems in procurement can’t afford months of downtime. Precoro launches in weeks, plugs straight into your ERP or accounting system, and follows your compliance rules from day one. Branch and finance teams get up to speed fast without leaning on IT, so approvals and payments keep moving without delays.
Mobile approvals built for banking
Precoro lets banking procurement managers approve purchases, review budgets, and clear invoices from anywhere—branch floor, head office, or while traveling. Every approval stays visible and secure, so nothing slows down procurement transformation in banking.
Protection that matches banking standards
Precoro protects sensitive banking procurement data with enterprise-grade safeguards. Compliant with GDPR, CCPA, and SOC 2 Type II standards and built to support AML and indirect procurement in banking, it ensures only the right people have access and keeps your workflows safe and auditable.
Procurement that strengthens your ERP
Your ERP handles core finance; Precoro manages procurement without disruption. With indirect procurement expertise in banking, approvals, vendor contracts, and payments stay connected, so banking teams save time and reduce errors across every location.
FAQ
Straightforward answers to your questions about banking procurement software
FLEXIBLE BY DESIGN
Learn how Precoro adapts to any industry, business size, and workflow
From small teams to large enterprises, Precoro combines approvals, supplier governance, and procurement in banking into one flexible system for any industry.
Spend Management
Implement the best spend management software to ensure 100% spend control and achieve up to 5% of yearly budget savings.
Procure-to-Pay Automation
Adopt procure-to-pay software and simplify your workday—because you can’t manage everything in spreadsheets forever.
Accounts Payable Automation
Optimize your accounts payable operations by automating manual processes with Precoro. Simplify document processing and focus on strategic tasks.
Supplier Relationship Management
Simplify and strengthen your supplier management. Onboard and evaluate suppliers with ease and provide them with a convenient tool for cooperation.
Vendor Management
Build stronger relationships with vendors and get better deals. See how Precoro helps you onboard vendors, track performance, and stay in sync.
Purchase Requisition Management
Use straightforward purchase requisition software with easy-to-follow templates and customizable approval workflows.
Mobile Procurement
Speed up procurement processes with the Precoro mobile app. Easily monitor spending, approve orders, and collaborate with your team on the go.
Intake Management
Transform your requesting and buying processes with seamless, effortless intake management.
Three-Way Matching and OCR
Check out how our 3-way match software uses Google's custom data extractor to process invoices and match them to POs and receipts.
Invoice Approval Process
Approve invoices 3.5x faster with Precoro. Enjoy full visibility into documents and pay only for verified bills.
AI in Procurement
Simplify your AP workload and achieve flawless document accuracy with our AI procurement software.
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See how Precoro fits into your team's workflows
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