At the end of September we announced our exciting partnership with MasterCard to combine payment processes with electronic invoicing network. This is an important milestone, as we are the first to partner with one of the world’s largest payment networks to offer easy, fast and secure e-payment to all suppliers.
We’re still seeing too many labour-intensive payment processes in companies and governments all around the world. These lead to low visibility and accuracy in cash flows and spending, which ultimately can hinder financial investments. This is very alarming, especially as the business-to-business trade market is worth over $100 trillion. Currently the majority of it, probably 95 per cent, is non-electronic payment and hence non-efficient.
By combining our skills, expertise and connecting our Basware Network, with over 50 million transactions annually in more than 100 countries, with MasterCard’s global reach across 22,000 financial institutions in 210 countries, we will bring great value to businesses of all sizes and economies around the world. I’m thrilled about what we will be able to achieve together by joining our networks.
Governments will procure more economically, large corporations can source more efficiently globally and small businesses will benefit from access to electronic invoicing, purchasing and payment through one, easy-to-use platform. This will boost cash flows and financial confidence – and ultimately help the world economy to grow.
As you can learn from the interview videos, our joint offering will further help to mitigate fraud and other impediments to cash flow:
Video interviews with Esa Tihilä, CEO of Basware and Hany Fam, President, Global Strategic Alliances, MasterCard.