Basware Solutions for the Financial Services Industry

Accounts Payable Automation solutions that make it all happen for Financial Services

Businesses in the financial services sector, such as banks, insurance providers, and venture capital firms, are expected to demonstrate speed, transparency, and compliance while optimizing profit and efficiency.

But many businesses in this sector are still relying on physical paper and manual processes in their accounts payable department. This results in increased processing costs and longer cycle times, ultimately impacting their bottom line.

With Basware, now it all just happens. Our AP Automation solutions enable financial services companies to transform your internal processes, achieve better efficiency and significant cost savings, reduce costs and minimise risks.

Why Basware?
Achievable KPIs
Customer Success
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The benefits of AP Automation for the Financial Services sector

Capture every invoice with 100% accuracy by connecting all your suppliers with the largest open e-invoicing network.
Gain critical visibility over spend to contain costs and use funds more strategically.
Automatically match invoices to purchase orders, good receipts and contracts to achieve touchless invoice processing.
Ensure global VAT compliance and comply with global invoicing regulations.

Keep up with changing regulations by relying on our local expertise in countless global markets.
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Automate non-PO invoices using custom spend plans, AI coding, and better approval workflow.
Seamlessly integrate all your ERPs and other financial systems, no matter how many you use.
Develop a robust AP strategy with experts who know how to get a greater and faster ROI with an AP-first approach.

What can you achieve with Basware when True Automation happens?

89%

Touchless processing

99.7%

Electronic invoicing

85%

Paid on time

basware-loomis-case-study-industry-specific

Loomis, Sayles & Company Case Study

Loomis, Sayles & Company manages more than $130 billion in equity and fixed income assets for institutional and mutual fund clients. They were processing invoices manually, which was time-consuming and inefficient. Further complicating matters, invoices were received at the company’s regional offices and then routed to headquarters in Boston, MA.

Download their case study here to learn how the company was able to maintain current FTE (full-time employees) while increasing its ability to process more invoices, eliminate redundant processes, and reduce imaging and shipping costs.

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Basware saves us significant time and money. It also provides the accuracy, efficiencies, visibility, and control we need. We use Basware to monitor suppliers, look for opportunities to consolidate and capture early payment discounts.

Loomis, Sayles & Company

Financial Services AP Benchmarking Report

In this benchmarking report, we evaluate the 5 key performance indicators (KPIs) and benchmarks being achieved by financial services companies by automating their accounts payable process.

Download it now to see how much your company has to gain by continuing your journey to complete automation.

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basware-industry-specific-financial-services

Why customers work with Basware to make automation happen

True Automation

Cutting-edge technology powered by AI & ML that eliminates all manual processes

Complete Coverage

Global compliance capabilities and the ability to integrate with 250 ERPs across more than 190 countries

Deeper Expertise

40 years of specialized experience implementing best practices and reducing risk across finance operations

FAQs

What other industries do you support with AP Automation?

At Basware, we are proud to deliver an AP Automation solution that's versatile to meet the needs of many industries. We firmly believe that no industry should be left out when it comes to streamlining their accounts payable processes, which is exactly what companies achieve with our solution.

Whether you're operating in the biopharma, construction, consumer goods, education, energy and utilities, financial services, healthcare, hospitality, manufacturing, oil and gas, real estate, retail and ecommerce, or transportation and logistics industry, rest assured, we've got you covered.

Each of these industries has unique needs and challenges, and our solutions are tailored to meet those specific demands. To see how we serve your industry, visit our industry-specific pages and explore how we can make a difference in your accounts payable operations.

What is AP Automation?

Dive into the world of AP automation, where manual tasks are digitized for enhanced efficiency. Discover its mechanics, benefits, and financial considerations, alongside answers to common queries and strategies for stakeholder engagement. Learn more ->

Why choose AP Automation?

As businesses seek efficiency and cost-effectiveness, the transition from manual to automated accounts payable (AP) processes emerges as a pivotal strategy. Delve into the realm of AP automation, unraveling its multifaceted benefits and constructing a compelling business case for its adoption. Learn more ->

What are the AP Automation challenges?

Discover the landscape of AP automation, from its promising benefits to the hurdles it may present. Explore our guide to uncover insights and strategies for successful implementation and optimization.

What is the AP Automation adoption and implementation process?

Explore the practicalities of adopting and implementing AP automation, from understanding the process flow to developing a comprehensive project plan. Gain insights into key steps and considerations, accompanied by answers to frequently asked questions for a well-informed approach. Learn more ->

What is an Accounts Payable audit?

Check out our comprehensive Accounts Payable Internal Audit Checklist, covering everything you need to know about auditing your AP operations. From fraud detection to compliance assurance, this guide explores the importance of AP audits and internal controls, offering practical insights to streamline operations and enhance efficiency.