Basware Launches NetworkPay for Supplier Payments

New service completes the entire Basware purchase-to-pay automation offering

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Aug 08, 2018, 08:00 ET

ESPOO, Finland, Aug. 8, 2018 /PRNewswire/ -- Basware (Nasdaq BAS1V), the global leader in networked source-to-pay solutions, e-invoicing and innovative financing services, launched Basware NetworkPay, a revolutionary payments automation solution that ensures suppliers are paid quickly upon invoice approval while extending payment terms for buyers.

Companies everywhere are looking for new ways to streamline and automate their procure-to-pay processes and reap the benefits that automation can deliver. Traditionally, businesses that rely on paper-based payment processes experience a long payment cycle, which can result in lost discounts, high processing costs and can adversely impact supplier relationships. Industry experts estimate the cost for processing a check can range from $ 4 – $ 8. Basware is now transforming the way that organizations manage their payments processes through this new service, simplifying payments and boosting cash flow for buyers and suppliers.

"We are very excited to add NetworkPay to our product line offering," said Eric Wilson, SVP of North America at Basware. "For clients seeking full automation, and the efficiencies that 100% automation translates into, this new product completes the Purchase-to-Pay equation."

Basware NetworkPay is a seamless, easy to deploy, integrated payment solution that allows organizations to make check, ACH, virtual card and wire payments from a single application - allowing buyers to eliminate manual payment processes and to take advantage of early payment discounts suppliers offer. The new Basware offering saves time, reduces costs and increases visibility over the entire spend. Clients can generate rebates on their spend, completely automate their purchase-to-pay process and fund the cost of the software through earned processing efficiencies — all without changing existing business processes. For suppliers this translates into faster payments, DSO reduction and better control over cash flows.

"NetworkPay allows clients to gain complete control over their payments processes while leveraging their existing ERPs," said Sami Peltonen, VP Purchase-to-Pay at Basware. "The launch of NetworkPay represents another example of how e-invoicing is evolving in North America from being a largely technical service focused on delivering process efficiencies to one that is able to deliver transformational commercial benefits to businesses. This offering is yet another display of the Basware commitment to revolutionizing business payments."

Basware NetworkPay will be immediately available in North America.

To learn more about how Basware innovation is empowering companies to simplify operations and spend smarter, visit www.basware.com. For more information about Basware NetworkPay, visit our product Fact Sheet.

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About Basware:
Basware (Nasdaq BAS1V) is the global leader in providing networked source-to-pay solutions, e-invoicing and innovative financing services. Basware commerce and financing 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. Find out more at www.basware.com.

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SOURCE Basware