Reserve Bank of Australia is set to overhaul its source-to-pay process, starting with a new contract and procurement management system.

Its current system is no longer considered fit-for-purpose, having been in use since 2003.

iTnews understands the current system is built on Sharepoint Server forms and workflow automation plugin Nintex, rather than being a dedicated contract management application.

The bank is now looking for a system that can automate the entire contracting process end-to-end, from identifying potential procurements to paying for them.

“The system is envisioned as a modular, scalable solution that can evolve into a broader source-to-pay platform," the bank wrote .

"This forward-looking approach aligns with the bank’s strategic objective to modernise procurement

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