Businesses can benefit from improved financial processes, early payments and frictionless cash flow
London, UK, 16 March, 2016 – Basware, the global leader in providing networked purchase-to-pay solutions, e-invoicing and innovative financing services, and WEX Inc., a leading provider of corporate payment solutions, today announced that they have entered into an international agreement to deliver a new B2B invoice payment solution.
The agreement is established to support businesses in further enhancing their purchase-to-pay (P2P) process and working capital management with a new, automated invoice payment solution for real-time electronic payments. The solution provides buyers with easy access to early payment funding, while suppliers can choose to get paid faster and with greater certainty. The solution will be provided in cooperation with Basware.
Jim Pratt, SVP and GM for Virtual Payments, WEX Inc. said, “At WEX we continuously seek new ways to improve the customer experience by providing innovative, global payment solutions which enhance our customers’ profitability and cash flow positions in local currencies. We are excited to be working with Basware: our cooperation provides WEX with an opportunity to offer a new, real-time payment alternative with the benefits of automated reconciliation, increased cash flow and faster payments.”
Esa Tihilä, CEO of Basware said, “We are pleased about our partnership with WEX which will enable more organizations to benefit from real-time electronic payments. With eliminating unnecessary manual steps and providing flexible payment options, businesses can improve their overall financial processes, reduce late payments and optimise working capital; all challenges we know many companies are facing today. New and innovative supply chain finance options are creating new opportunities for business growth and working capital management. Buyers and suppliers are able to finance payables or receivables in order to optimise cash position and to achieve flexibility and improved visibility.”
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment solutions. From its roots in fleet card payments beginning in 1983, WEX has expanded the scope of its business into a multi-channel provider of corporate payment solutions representing more than 9 million vehicles and offering exceptional payment security and control across a wide spectrum of business sectors. WEX serves a global set of customers and partners through its operations around the world, with offices in the United States, Australia, New Zealand, Brazil, the United Kingdom, Italy, France, Germany, Norway, and Singapore. WEX and its subsidiaries employ more than 2,000 associates. The Company has been publicly traded since 2005, and is listed on the New York Stock Exchange under the ticker symbol “WEX.” For more information, visit www.wexinc.com and follow WEX on Twitter at @WEXIncNews.
Basware is the global leader in providing networked purchase-to-pay solutions, e-invoicing and innovative financing services. Basware’s commerce and financing network connects businesses in over 100 countries and territories around the globe. As the largest open business network in the world, Basware provides scale and reach for organizations of all sizes, enabling them to grow their business and unlock value across their operations by simplifying and streamlining financial processes. Small and large companies around the world achieve significant cost savings, more flexible payment terms, greater efficiencies and closer relationships with their suppliers. Find out more at www.basware.com.
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