STAMFORD, Conn., Jan. 15, 2010 – Basware, the global leader in purchase-to-pay solutions, has extended its e-invoicing network by signing an interoperability agreement with Cortex Business Solutions, a major e-invoicing service provider. Cortex’s services focus on providing its customers with more efficient and effective procure to pay and order to cash processes. Basware works with an extended network of e-invoicing providers to deliver its best-practice invoice automation and purchase management solutions to customers around the world.
Basware’s global e-invoicing network includes more than 60 partners in the U.S., Europe and Scandinavia, providing direct connections to more than 30 countries, and transmitting more than ten million transactions annually.
Under the partnership, Basware’s customers will be able to receive e-invoices from their suppliers via Cortex and benefit from the new partner’s extensive supplier network. This enables companies to further automate their purchase-to-pay processes by simplifying and streamlining the invoicing process. It also helps companies effectively meet compliance requirements and improve overall business performance by minimizing the time and money spent manually handling invoices.
“By working with Cortex we can better service our customers and help them strengthen their supplier relationships,” said Ari Salonen, general manager, North American market. “The partnership allows us to significantly strengthen the reach of our e-invoicing network, and provide companies with improved efficiency and transparency within their financial supply chains.”
With this joint solution, Basware customers receive purchase invoices electronically through an interface to the Cortex Trading Parnter Network. Invoice data is then automatically sent to the Basware Invoice Automation solution, allowing Basware’s customers to automate their entire procurement and inbound logistics cycle with suppliers. These automated connections provide many benefits: they enable customers to gain better control over cash flow with faster processing of invoices, facilitate compliance with regulatory requirements, reduce work processes, decrease order-to-cash cycle times, simplify audits, and mitigate risk.
“We are excited about the benefits of working with Basware,” said Ryan Lailey, vice president of Business Development and Corporate Strategy at Cortex Business Solutions. “Partnering with Basware is a continuation of our strategy to surround Cortex with industry leading companies that provide Cortex with the opportunity to accelerate growth as well as a platform for geographic and industry expansion in the near future.”
About Cortex Business Solutions Inc.
Cortex Business Solutions Inc. is an industry leading service company that improves efficiencies, reduces costs and streamlines procurement and supply chain processes for its customers. Accessing the Cortex Trading Partner Network enhances the exchange of business critical documents, such as purchase orders, receipts and invoices resulting in improved cash flow management and business controls, while reducing day’s outstanding and administrative costs. Cortex is a low cost, low risk solution that can be implemented quickly by leveraging its customers existing business environment. For more information, please visit our website at www.cortex.net.
About Basware
Basware is the global leader in purchase-to-pay solutions with more than 1,500 customers and 850,000 users in over 50 countries around the world. With Basware, organizations can reduce the cost of buying and paying for goods and services and gain visibility and control of their entire spending process by automating manual processes, from sourcing, contract management, purchasing and supplier collaboration to invoice automation. Basware solutions and services enable substantial cost reductions across businesses and deliver value by providing compliance and control, as well as fast return on investment. The solutions are distributed and implemented, either on site or as a service, in Europe, the U.S., and Asia-Pacific through an extensive network of Basware offices and business partners. The company’s U.S. business, Basware, Inc., is headquartered in Stamford, Conn. More information can be found at www.basware.com/us.
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The Basware name is a registered trademark of Basware Corporation. The Basware logo is a trademark of Basware Corporation. All other product and service names mentioned herein are trademarks of their respective companies.
COMPANY CONTACT:
Robert Cohen
Basware, Inc.
robert.cohen[at]basware.com
203-487-7905
MEDIA CONTACT:
Diane Pardes
Pardes Communications, Inc.
dpardes[at]pardescommunications.com
781-652-8059
Linda Pendergast-Savage
Pardes Communications, Inc.
Pendergast[at]pardescommunications.com
508-224-7905