Fortune 500 financial institutions including Discover, Northwestern Mutual, Prudential, and Coinbase leverage Zip to transform procurement operations while strengthening regulatory controls; Industry leaders to gather in NYC to discuss procurement innovation

Zip Emerges as Leading Procurement Platform for Financial Services Giants, Convenes Executive Summit at Nasdaq MarketSite

chrysta@theolsoncompany.co

shape="rect">Zip, the world’s leading procurement orchestration platform, today highlighted its rapid adoption across the financial services industry, where its AI-powered platform has become the standard for modernizing procurement while maintaining strict regulatory compliance. The company’s growing roster of financial services customers includes industry leaders Prudential Financial, Invesco, Affirm, Coinbase, Northwestern Mutual, Discover Financial Services, and numerous other institutions who are leveraging Zip to transform how they orchestrate business spend and supplier relationships.

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Zip Emerges as Leading Procurement Platform for Financial Services Giants, Convenes Executive Summit at Nasdaq MarketSite (Graphic: Business Wire)

The surge in adoption comes as many financial institutions face mounting regulatory scrutiny in 2025, with third-party risk management and operational resilience becoming critical priorities. With regulators intensifying their focus on technology dependencies and supplier relationships, financial institutions are under pressure to demonstrate stronger governance and more rigorous oversight of their procurement processes. Today’s complex regulatory landscape requires institutions to manage an increasingly fragmented set of compliance requirements while maintaining operational efficiency.

Zip’s momentum in financial services is demonstrated by transformative customer results:

• Discover Financial Services achieved a 67% increase in procurement throughput, 14% faster cycle times, and eliminated over 3,000 unnecessary approval steps annually
• Northwestern Mutual drove 18% cost savings while increasing spend under management by 20%, all while maintaining strict regulatory controls
• Coinbase cut resolution times by 50% while strengthening global compliance and audit readiness across international operations

The rapid adoption of Zip’s platform reflects the mounting pressure financial institutions face to modernize procurement while strengthening risk management. Traditional approaches often require teams to navigate five or more separate systems, creating complexity that leads to compliance gaps and slow response times for regulatory exams. Zip’s “single front door” approach has proven particularly valuable for financial institutions managing billions in spend, providing the comprehensive audit trails, third-party risk assessments, and automated controls needed for highly regulated operations.

“Having led procurement transformation at Discover Financial Services, I’ve witnessed firsthand how regulatory scrutiny and third-party risk management have become increasingly complex,” said Jason Moore, Head of Enterprise Transformation at Zip and former Senior Director of Procurement Operations at Discover. “Financial institutions are choosing Zip because we understand their unique challenges and deliver the agility they need while maintaining strict controls.”

To explore these transformation stories and share industry best practices, financial services leaders are convening for the Zip Exec Summit New York being held at the Nasdaq MarketSite. The invitation-only event features procurement and finance executives from Invesco, Prudential Financial, Coinbase, EY, and other leading institutions discussing how they’re leveraging procurement orchestration to drive innovation while navigating complex regulatory requirements.

The February 19 Zip Exec Summit New York will feature sessions including:

• Procurement 3.0: Orchestrating the Future of Strategy and Technology with Invesco
• The Next Era of Procurement with Prudential Financial
• Innovation Executive Roundtable
• Transforming Source to Pay Amid Ever-Evolving Regulations with Coinbase and EY

For more information about Zip’s Financial Services offerings, please visit https://ziphq.com/solutions/industries/financial-services.

About Zip

Zip is the world’s leading procurement orchestration platform, empowering businesses to accelerate the procurement process, mitigate risk, and drive growth by offering a single front door to unify the teams, tasks, and tools involved in working with suppliers. With Zip, businesses can maximize employee adoption of purchasing policies and increase spend visibility and control. As the leading solution for optimizing business spend, Zip’s AI-powered platform is trusted by hundreds of leading enterprises worldwide, including AMD, Anthropic, Arm, Canva, Coinbase, Discover, Dollar Tree, HP, Instacart, Lyft, Northwestern Mutual, Pinterest, Prudential, Reddit, Sephora, Snowflake, Sprouts Farmers Market, and Toast to maximize the ROI of every dollar. To learn more, visit ziphq.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250219411047/en/

“Financial institutions are choosing Zip because we understand their unique challenges and deliver the agility they need while maintaining strict controls."