E-invoicing and purchase-to-pay solutions provider Basware recently partnered with MasterCard to provide an electronic payment solution that extends payment terms for buyers and speeds up merchant payment after invoice approval.
The service is enabled by Basware Commerce Network, which is linked to the MasterCard network and leverages MasterCard’s payments products.
“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,” Basware CEO Esa Tihila said. “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 network processes more than 50 million invoices totaling more than $420 billion every year. The new service will ensure that suppliers receive guaranteed early payment without putting any additional burden on buyers.
“MasterCard is pleased to announce this alliance with Basware,” Hany Fam, the president of global strategic alliances at MasterCard, said. “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.”