Basware extends network capabilities to improve collaboration between trading partners and boost e-invoicing

12 January 2016

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Basware Network becomes more interactive and immersive with Vendor Management Services and a new Business Directory
 
ESPOO, Finland, 12 January, 2016Basware, the leading provider of e-invoicing and purchase-to-pay solutions, has added two new services to the Basware Network. With the global launch of these new services, buyers and suppliers will find it easier to connect, transact and manage trading relationships over the network. 
 
The Basware Network is more than just an infrastructure for e-invoicing. As the largest open business network in the world, it acts as a marketplace connecting 1 million companies across 100 countries, helping organizations of all sizes grow their business and improve cash flow. 
 
The first feature, the Business Directory, allows businesses signed up to the Basware Network to easily search and find any trading contacts, such as suppliers and customers, and add them to their personal e-invoicing address book. This will boost further adoption of e-invoicing and bring greater payment efficiencies. 
 
There are two ways to use the Business Directory. The first is simply to search for your customer or supplier manually by typing their name into the search field. Once found, it’s just one click to ‘Add to My Network’. The second method, to be introduced during the second quarter of 2016, is to import a list of your suppliers or customers and let the network match them against the entire Business Directory. This makes it easy to search the network for your trading partners quickly and efficiently.
 
The second feature is the Vendor Manager – a tool for larger organizations to provide self-service for vendors to manage their own data on the network. Vendor data maintenance is a key challenge for both Accounts Payable and Procurement functions in an organization. 
 
In effect, buyers empower businesses in the supply chain to manage key data required to process and pay invoices to the right accounts, on the right terms and in a timely manner. In making the changes themselves to certain fields, they can get paid more efficiently. This might include a change to the accounts payable contact, a new bank account number, or enriching the invoice data with the buyer’s own internal vendor code for improved invoice-to-order matching. Vendors can also upload documents required to establish a business relationship with the customer such as industry certificates or annual tax forms (US).
 
“By adding more valuable services and capabilities to our network, we’re creating an exciting marketplace that is changing the way business is done. More tightly linked financial and informational supply chains are creating new opportunities for business growth and working capital management,” said Ilari Nurmi, SVP, Products & Services at Basware. 
 
“Traditionally, many large firms have invited suppliers to submit e-invoices via the Basware Network. Suppliers might not realize that being part of the Basware network gives them free access to interact with other customers. Now, by using the Business Directory it becomes easier for suppliers to find and connect with more of their customers. Our Vendor Manager tool also greatly improves collaboration between buyers and suppliers, and we hope this ability to work together more efficiently will bring about bigger benefits, including better cash flow, fewer late payments and a stronger supply chain overall. The network is continuously evolving and we’ll be looking to add new features to further cement its position as the global network of choice for businesses and government,” added Nurmi.
 
Vendor Manager is immediately available via the Basware Network. The Business Directory will be available in the Nordics immediately and in further markets throughout 2016.
 
More information:
 
About Basware
Basware is the global leader in providing purchase-to-pay and e-invoicing solutions in the world of commerce. We empower companies to unlock value across their financial operations by simplifying and streamlining key financial processes. We help our customers to succeed and create added value to their business through better financial management. Our Basware Network, the largest open business network in the world, connects 1 million companies across 100 countries and enables easy collaboration between buyers and suppliers of all sizes. Through this network, leading companies around the world achieve new levels of spend control, efficiency, and closer relations with their suppliers. With Basware, businesses can introduce completely new ways of buying and selling to achieve significant cost savings and boost their cash flow. 
 
Find out how Basware helps money move more easily and lets commerce flow at www.basware.com
 
 
Contacts:
Sirje Ahvenlampi-Hyvönen
Communications Director, Basware
sirje.ahvenlampi@basware.com, tel. +358 50 557 3822 
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