Espoo, Finland, 10 August 2017 – Basware, the leading provider of e-invoicing and purchase-to-pay solutions, and Nordea Bank AB, the largest corporate bank in the Nordics, today announce that they are entering into a strategic partnership to deliver a dynamic discounting solution in Nordic countries.
As part of the agreement, Nordea and Basware will jointly offer a dynamic discounting solution to Nordea’s corporate customers, while Basware will deliver the solution integrated into the customers’ Purchase-to-Pay (P2P) or customer’s Enterprise Resource Planning (ERP) solutions. The agreement further enhances Basware’s position as a leading provider of financing technology solutions, and Nordea’s position as a leading working capital service provider for businesses that seek to release cash from their operations to increase profitability or new growth.
Patrik Zekkar, Global Head of Trade & Working Capital Management Sales at Nordea commented: “Managing working capital should be a clear priority for all organisations. Many businesses have a strong cash position, and effective cash management can help support business in achieving better profitability and working capital position. Regardless of what the objectives of the businesses are, with Basware we can now help businesses take advantage of their excess cash and gain a better return on invested capital. Dynamic discounting also supports the cash flow of the suppliers, and is in line with the corporate social responsibility initiatives. Basware is a recognized leader in financial technology solutions, and we are excited to provide dynamic discounting offering to our customers together with them.”
Vesa Tykkyläinen, CEO of Basware says, “Nordea is a strategic partner for us as we further establish our financing services offering to businesses in the Nordic region. Through this partnership, Nordea can take advantage of our expertise in purchase-to-pay process, and build new exciting cloud-based value-added services into their trade financing portfolio. Basware sees that this partnership can substantially accelerate the adoption of financing services in Scandinavia, including dynamic discounting. By combining subject-matter expertise of traditional trade financing and new digital financing services, Basware and Nordea can together provide flexible options for buyers to optimize cash at hand while giving suppliers an opportunity to get paid early.”
Read more about dynamic discounting here.
Lauri Palokangas, Basware Corporation
tel. +358 50 48 64 918
Basware is the global leader in networked purchase-to-pay solutions, including e-invoicing and financing services. Basware's commerce network connects businesses in over 100 countries and territories around the globe. As the largest open business network in the world, Basware provides scale and reach for organizations of all sizes, enabling them to grow their business and unlock value across their operations by simplifying and streamlining financial processes. Small and large companies around the world achieve significant cost savings, more flexible payment terms, greater efficiencies and closer relationships with their suppliers. Read more: http://investors.basware.com/en
Nordea is among the ten largest universal banks in Europe in terms of total market capitalisation and has around 11 million customers, 31,000 employees and approximately 600 branch office locations. The Nordea share is listed on the Nasdaq Stockholm, Nasdaq Helsinki and Nasdaq Copenhagen exchanges. Nordea has a broad expertise across a wide range of products, services and solutions across banking, asset management and insurance. Nordea is focussed on building trusted relationships through our strong engagement with both customers and society.