New e-payment service simplifies payments and boosts cash flow for buyers and suppliers. Partnership combines MasterCard's global payment network with Basware Network to deliver unique business-to-business solution
September 23, 2013 – Basware, the leading provider of e-invoicing and purchase-to-pay solutions has partnered with MasterCard, one of the world’s largest payment networks, to launch a revolutionary electronic payment solution that ensures suppliers are paid fast upon invoice approval, while extending payment terms for buyers.
Companies worldwide are looking to new ways to grasp the benefits that electronic invoicing and purchase-to-pay can bring. Traditionally, businesses, even highly successful ones, can suffer financial performance issues caused by long payment cycles – especially when dealing with costly international payments. This is caused by a reliance on paper-based payments, labour-intensive processes, poor remittance data and low confidence in cash flow management; an issue that can even trigger issues in supply assurance. MasterCard and Basware will transform the way that companies do business with each other through this new single global payment solution.
The e-payment service is enabled by the Basware Network, which is connected to the MasterCard global payment network and leverages MasterCard’s unique suite of payments products. This will deliver immediate cost and efficiency savings to companies of all sizes.
Esa Tihilä, CEO of Basware, commented: "This is a partnership of huge importance and significance, not just for Basware and its customers, but for all buyer and supplier organisations and the whole purchase-to-pay (P2P) and e-invoicing industry. The launch of this service represents another example of how e-invoicing is evolving from being a largely technical service focused on delivering process efficiencies, to one that is able to deliver transformational commercial benefits to the business. Solutions like this are the present and future of every corporation’s financial strategy and this development has the potential to revolutionise business payment, which can even impact the economy at large.”
Basware's Commerce Network already processes over 50 million invoices annually, totalling more than US$420 billion across 900,000 trading partners in 100 countries. This scope and reach is combined with MasterCard's international payment network covering over 150 currencies across more than 210 countries and approximately 20,000 financial institutions. The new service will make sure suppliers get guaranteed early payment without placing any additional burden on buyers, creating a vital economic buffer for businesses of all sizes.
“MasterCard is pleased to announce this alliance with Basware,” said Hany Fam, President, Global Strategic Alliances at MasterCard. “Together we are changing the way businesses are paid and get paid – delivering increased speed and control as well as cost savings for both buyers and suppliers. MasterCard’s world-class network, data and technology assets operating in tandem with Basware’s industry-leading purchase-to-pay network represents the ideal combination to make this happen. By combining one of the largest payment networks with a transaction network of comparable scale we are simplifying payments and increasing cash flow for businesses of all sizes.”
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MasterCard (NYSE: MA), www.mastercard.com is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.
Basware provides open, secure, cloud-based purchase-to-pay and e-invoicing solutions to organizations of all sizes, resulting in greater efficiencies in procurement, accounts payable and accounts receivable.
Companies across all industries, from small businesses to corporate giants use Basware solutions to drive sustainable cost savings, proactive insight to cash flows and improved buyer–supplier relationships. The Basware Network is founded on the principles of openness, where all types of organizations can collaborate and trade, making it the largest in the world. Today we connect millions of business users in 900,000 companies across over 100 countries.
Basware is the global leader in providing solutions for better buying, better selling and connected commerce. Find out how Basware boosts financial performance and profitability at www.basware.com.