Basware, a leading provider of e-invoicing and purchase-to-pay solutions has partnered with MasterCard, one of the world’s largest payment networks, to launch an electronic payment solution that ensures suppliers are paid fast upon invoice approval, while extending payment terms for buyers.
Companies worldwide are looking to new ways to grasp the benefits that electronic invoicing and purchase-to-pay can bring. Traditionally, businesses, even highly successful ones, can suffer financial performance issues caused by long payment cycles – especially when dealing with costly international payments. This is caused by a reliance on paper-based payments, labor-intensive processes, poor remittance data and low confidence in cash flow management; an issue that can even trigger issues in supply assurance. MasterCard and Basware will transform the way that companies do business with each other through this new single global payment solution.
The e-payment service is enabled by the Basware Commerce Network, which is connected to the MasterCard global payment network and leverages MasterCard’s unique suite of payments products. This will deliver immediate cost and efficiency savings to companies of all sizes.
Basware’s Commerce Network already processes over 50 million invoices annually, totaling more than US$420 billion across 900,000 trading partners in 100 countries. This scope and reach is combined with MasterCard’s international payment network covering over 150 currencies across more than 210 countries and approximately 20,000 financial institutions. The new service will make sure suppliers get guaranteed early payment without placing any additional burden on buyers, creating a vital economic buffer for businesses of all sizes.
Click here to view the entire Basware press release.
Download a complimentary copy of PayStream’s 2013 Invoice and Workflow Automation Benchmark report to learn more about Basware and the benefits of electronic invoicing. The report includes a detailed Basware profile.
