This week we were at The Congress for E-Invoicing and E-Billing (EXPP) in Warsaw. As well as a great opportunity to meet with some of Europe’s foremost industry professionals, we launched our collaboration with MasterCard, which provides instant payments.
We’re well aware that getting paid in a timely manner has been a problem for businesses of all sizes for decades, and the onset of a global economic recession only made things worse. Even though the general sentiment is that things are starting to improve, money, and more importantly, cashflow, is still a major challenge for many businesses.
Our e-invoicing and automated purchase-to-pay systems have helped all of our customers to speed up financial processing. However, this doesn’t automatically mean fast payments. To overcome this issue, Basware has partnered with MasterCard to introduce a new global e-payment solution that fundamentally changes the payment landscape on a global scale.
Basware and Mastercard coming together combines the largest global commerce and global payment networks. It will deliver a service that provides the buyer with extended payment terms, whilst ensuring the supplier benefits from early, guaranteed payment with rich remittance data to boost their accounts receivable process efficiencies.
Suppliers get guaranteed payment within as little as one day of invoice approval, which boosts cash flow and improves financial confidence. Meanwhile, buyers get an extension to payment time (free credit) and have the peace-of-mind that payments are easy, fast and secure. And to top it all off, both sides have lower costs for cross border payments, lower risk and better invoice tracking and reconciliation.
This can be achieved because of the global nature of the two networks and because the process is embedded into existing systems. This is not a bolt-on activity, it sits in the centre of the financial function, which makes it more valuable to our customers and their networks.
Discussions about how to drive e-invoicing adoption – across the globe – have been a focal topic at this year's EXPP Summit. An initiative such as this is a key enabler of e-invoicing adoption as it provides tangible business benefits beyond the normal process and automation streamlining.
The initial reactions from customers to the partnership with MasterCard and the new e-payment solution have been extremely positive. The value that the new solution will deliver is indisputable. The speed and efficiency of payment will change the way that businesses function.
At the EXPP Summit 2013: Sami Nikula / Basware, Fabrice Clauzon / MasterCard and Mikael Ylijoki / Basware