ESPOO, Finland, 20 June 2017 – Basware, the leading provider of e-invoicing and purchase-to-pay solutions, today announced that its customer Celgene has been awarded overall winner in the Best Card Solution category in the Adam Smith Awards 2017. Treasury Today’s Adam Smith Awards have run for ten consecutive years, recognizing recipients globally with this ultimate benchmark of corporate achievement.
Celgene won their award for their solution developed by Basware together with Citi. With the prompt payment solution used by Celgene, early payment to suppliers is triggered by an invoice approval and is processed securely using Mastercard’s virtual card technology. The suppliers also gain greater visibility to receivables and easy remittance reconciliation.
Anna Bianchi, Associate Manager, T&E at Celgene says, “We have a philosophy to innovate and continuously challenge the way things are done to improve productivity and efficiency across all areas of business. As Celgene’s suppliers were increasingly requesting early or upfront payments, we worked with Basware and Citi to pay our suppliers early without directly impacting our working capital position. We are honoured to receive the Adam Smith award for what we did together.”
Celgene, Basware and Citi will join the Gala Presentation Lunch at Plaisterers’ Hall in the City of London on Thursday, 22 June to celebrate the award with Celgene and representatives from other innovative financial organizations.
Celgene Corporation, headquartered in Summit, New Jersey, is an integrated global biopharmaceutical company engaged primarily in the discovery, development and commercialization of innovative therapies for the treatment of cancer and inflammatory diseases through next-generation solutions in protein homeostasis, immuno-oncology, epigenetics, immunology and neuro-inflammation.
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.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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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 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 Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.