Basware has established a new business called Basware Financing Services. Basware's Financing Services will deliver new and innovative financing services for buyers and suppliers, combining payment with financing services for companies of all sizes. Basware will help companies optimize their cash and working capital made available as they participate within and transact across the Basware Network.
"Buyers and suppliers around the world benefit from huge sources of additional value within the Basware Network which is constantly growing. With 80 million transactions moving across the network annually already today and more than 1,000,000 active buyers and suppliers, businesses of all sizes are looking for ways to automate their financial processes, manage their cash positions more intelligently, build stronger relationships across their supply chains and ensure they can pay and be paid with greater certainty, quickly and efficiently. The scale of the network provides unprecedented opportunity in the area of trade finance to provide innovative financing services and solutions to both large enterprises and small and medium-sized companies," said Esa Tihilä, CEO, Basware Corporation. "Companies on the Basware Network now have multiple options depending on whether they are buying or selling, cash rich or cash poor. There are three different solutions to choose from: approved payables financing, dynamic discounting and factoring. Each is designed for different circumstances, and, because they are available from the network, all are easy to take into use."
The new financing services include Basware Pay, Basware Discount and Basware Factoring:
Basware Pay is a global e-payment solution offered in collaboration with MasterCard. Basware Pay allows buyers to pay at or after payment terms while making sure that suppliers are paid early with rich remittance data. The solution is ideal for organizations with a long tail of suppliers.
Basware Discount is buyer-funded supplier financing. Buyers can easily pick and choose which invoices get paid and when. This service is ideal for suppliers with fluctuating cash requirements who need occasional access to cash in exchange for discounts.
Basware Factoring is being developed in cooperation with Basware's newly announced partner, Arrowgrass Capital Partners LLP. Basware Factoring will provide a powerful solution enabling suppliers to receive early payment for invoices, and improve their working capital management with financing provided via Arrowgrass. The transparency and automation provided by the Basware Network will enable the delivery of invoice financing, on highly competitive terms, to suppliers of all sizes on an international basis.