Basware, a leading provider of e-invoicing and purchase-to-pay solutions, has reported record growth, with more than 50 million e-invoice and e-order transactions sent and received across its business commerce network. Basware’s solutions are popular with customers because they enable easy connectivity to the network for companies of all sizes from any location. This milestone represents $420 billion spent annually on the Basware Commerce Network from more than 900,000 active buyers and suppliers trading across more than 100 countries

As further evidence of this commitment, Basware is launching three new solutions within the Basware Commerce Network: Basware Portal for Receiving, Basware Portal for Tracking and Basware e-Invoice Email Lite. All have been designed to deliver on Basware’s strategy of enabling connected commerce for small, large and global businesses, providing sustainable cost savings, proactive insight to cash flows and improved buyer–supplier relationships for all.

The growth of the Basware Commerce Network is being driven by a number of factors. Government and larger enterprise buyers are increasingly forcing suppliers to submit invoices electronically, commerce is increasingly cross-border as companies take an international approach, and businesses of all sizes are realizing the cost and time-saving benefits of e-invoicing. According to the 2012 Global E-Invoicing Study, approximately two thirds of businesses receiving true e-invoices via an e-invoice service provider reported a significant reduction in the costs of invoice processing.

The Basware Commerce Network is founded on the principles of openness to encourage all types of organizations to collaborate and trade, and the number of active buyers and suppliers trading in the network is now more than 900,000. Seamless connections with more than 160 international e-invoicing platforms make it the largest inter-operator network in the world, with buyers and suppliers exchanging e-orders and e-invoices between organizations located in more than 100 countries.

Basware’s new suite of services is designed to ensure that companies of all sizes can reach their suppliers and customers with e-invoicing programs. Benefits include greater insight, control and automation for customers and suppliers alike.

Basware Portal for Receiving: Enables e-invoices to be sent and received easily and securely to customers through the Basware Commerce Network. It provides full visibility into the delivery status of all invoices, removing uncertainty and allowing better forecasting of cash flow. The module is particularly well suited for companies that don’t have an automated invoice processing system or the capability to receive true e-invoices. Features include email notifications and the flexibility to view, sort, store and download invoices in PDF or XML formats. Receiving companies can also easily engage their suppliers and raise questions through the portal, allowing quick resolution of an issue.

Basware Portal for Tracking: Takes all the complexity out of monitoring and tracking invoices by giving suppliers greater insight into the status of their invoices. This makes accounts payable teams more productive and enables them to focus on core activities by reducing the amount of time spent responding to supplier inquiries about payment status. The module works with most existing invoice processing software packages.

Basware e-Invoice Email Lite: Many organizations send invoices in PDF format, and buyers typically have to spend a lot of time capturing, extracting and validating the data from these invoices. However, converting these PDF senders into true e-invoice senders can be challenging and time consuming. These problems are solved by Basware e-Invoice Email Lite, which allows PDF senders to continue to send PDFs while extracting all the relevant, detailed line item information before adding it straight into an invoice automation system for automatic matching and processing.

Click here to view the entire Basware press release.

Download a complimentary PayStream report to learn more about Baware’s solutions.  Basware has underwritten a number of PayStream reports that include a detailed Basware profile, including:

• Electronic Invoice Management: Going with the Workflow
• Healthcare ePayables: Turning AP into a Paper Free Environment
• Automating Payables for the SME Market