Introduction: A Strategic Partnership for Modernized Procurement
Omnea, a leading procurement orchestration platform, has announced a strategic partnership with Thought Machine, a cloud-native banking technology company. This collaboration is set to revolutionize procurement governance for Thought Machine, enabling it to embed robust third-party risk and financial governance practices within its procurement processes. By leveraging Omnea’s expertise, Thought Machine aims to enhance user experience for requesters, reviewers, and suppliers while meeting stringent regulatory standards.
About Omnea: A Leader in Procurement Orchestration
Omnea’s platform is built with a focus on user experience, offering advanced solutions in procurement orchestration, automation, accounts payable, and third-party risk management. The platform provides a single source of truth for supplier data, managing the entire supplier lifecycle holistically.
Key features of Omnea include:
- Procurement orchestration and automation.
- Third-party risk management to meet compliance standards.
- Accounts payable integration for seamless financial operations.
With Omnea, organizations can unify procurement and risk management processes into a streamlined, data-driven platform.
Thought Machine: Modernizing Banking Infrastructure
Thought Machine has redefined modern banking with its cloud-native core banking technology, Vault Core. Trusted by major financial institutions like Lloyds Banking Group, Standard Chartered, and Atom Bank, Vault Core is recognized for its cutting-edge capabilities in core banking and payments.
By partnering with Omnea, Thought Machine is consolidating its legacy vendor systems and unifying its procurement processes, including:
- Third-party risk management: Ensures compliance with regulations like the Digital Operational Resilience Act (DORA).
- Procurement intake and approvals: Simplifies employee requests and routes them to appropriate security and finance reviewers.
- Supplier management: Automates supplier onboarding and security questionnaires for improved risk management and compliance.
Statements from Leaders on the Partnership
- Nitesh Palana, Director of Risk and Compliance and Head of Government Affairs at Thought Machine: “Omnea’s platform enables us to embed consistent security and compliance frameworks throughout our procurement processes to meet stringent regulatory standards such as DORA. After thoroughly reviewing the market, Omnea’s deep focus on risk management made them the clear choice to partner with to transform our procurement processes.”
- Abhirukt Sapru, Chief Commercial Officer at Omnea:
“Thought Machine is bringing banking infrastructure and payments into the modern age. We are thrilled to partner in strengthening their third-party risk management posture while delivering exceptional experiences throughout their end-to-end procurement processes.”
Why This Partnership Matters
1. Enhanced Procurement Governance
- The partnership ensures Thought Machine’s procurement processes meet operational resilience-focused regulations, streamlining risk management for third-party suppliers.
2. Improved User Experience
- Omnea’s intelligent routing of requests and automation of tasks like security questionnaire management simplifies procurement workflows for employees, reviewers, and suppliers alike.
3. Compliance with Regulatory Standards
- By embedding security and compliance frameworks, Thought Machine remains ahead in meeting global regulatory standards like DORA, essential for operational resilience.
4. Modernizing Procurement
- Consolidating legacy systems allows Thought Machine to focus on innovation and operational efficiency while reducing complexity in vendor and supplier management.
Trusted by Leading Institutions Worldwide
Thought Machine’s Vault Core platform is already trusted by global banking leaders, including Intesa Sanpaolo, ING Bank Śląski, SEB, Lunar, Curve, and more. With this partnership, Thought Machine’s procurement governance is set to match its world-class banking infrastructure.
Conclusion: A Partnership That Drives Excellence
The collaboration between Omnea and Thought Machine is a significant step forward in modernizing procurement governance in the banking technology space. By combining Omnea’s expertise in procurement orchestration with Thought Machine’s innovative cloud-native banking technology, the partnership ensures seamless processes, enhanced risk management, and compliance with global regulatory standards.
As banking and procurement continue to evolve, partnerships like this will set the benchmark for operational excellence, risk mitigation, and delivering exceptional user experiences across industries.