RBA to overhaul source-to-pay

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 processes and integrate contract management with sourcing, supplier performance, and financial systems."

The replacement system will also be expected to include features for managing supplier relationships, contract performance monitoring and ensuring compliance with contract obligations.  

One challenge RBA faces with its current system is the impending expiry of Microsoft support for some versions of Microsoft Sharepoint Server from mid-2026.

An RBA spokesperson confirmed that the bank is currently planning to move its SharePoint services from its data centre into some form of cloud-based hosting arrangement for continuity.

The search for a new contract management system fits alongside other IT overhauls at the bank, such as the bank’s CoreMod migration.