Basware Reports Record Growth with over 50 Million Transactions Across its Business Commerce Network
Hits milestone for e-invoice and e-order transactions via the Basware Commerce Network
Introduces new solutions, making it easier than ever for companies of all sizes to connect and trade
STAMFORD, Conn.--(BUSINESS WIRE)-- Basware, the leading provider of e-invoicing and purchase-to-pay solutions, has reported record growth, with over 50 million e-invoice and e-order transactions sent and received across its business commerce network. Basware's customers commit to using its solutions because they enable easy connectivity to the network for companies of all sizes from any location.This milestone has seen also $420 billion spent annually on Basware Commerce Network and over 900,000 active buyers and suppliers trading across over 100 countries.
As further evidence of this commitment, Basware is launching three additional innovations within the Basware Commerce Network: Basware Portal for Receiving, Basware Portal for Tracking and Basware e-Invoice Email Lite.All have been designed to deliver on Basware's strategy of enabling connected commerce for small, large and global businesses, providingsustainable cost savings, proactive insight to cash flows and improved buyer-supplier relationships for all.
The growth of the Basware Commerce Network is being driven by a number of factors. Government and larger enterprise buyers are increasingly forcing suppliers to submit invoices electronically, commerce is increasingly cross-border as companies take an international approach, and businesses of all sizes are realising the cost and time-saving benefits of e-invoicing. According to the 2012 Global E-Invoicing Study, approximately two thirds of businesses receiving true e-invoices via an e-invoice service provider reported a significant reduction in the costs of invoice processing.
"The adoption of e-invoicing is on the rise globally and we are already seeing growing numbers of businesses, from the micro through to large enterprises, taking advantage of the benefits e-invoicing can offer. Fully automated e-invoicing and purchase-to-pay is fast becoming the business norm," commented Esa Tihilä, CEO, Basware. "This is directly impacting the number of buyers and suppliers sending and receiving invoices across the Basware Commerce Network, which allows companies to conduct business faster, more easily and more profitably. By building on Basware's heritage and proven expertise in transforming purchase-to-pay processes for companies of all sizes, our goal is to maintain our position as the largest open business commerce network, processing over 150 million e-invoices by 2015."
The Basware Commerce Network is founded on the principles of openness to encourage all types of organisations to collaborate and trade, and the number of active buyers and suppliers trading in the network is now over 900,000. Seamless connections with over 160 international e-invoicing platforms make it the largest inter-operator network in the world, with buyers and suppliers exchanging e-orders and e-invoices between organizations located in over 100 countries.
Basware's new suite of services is designed to ensure companies of all sizes can reach their suppliers and customers with e-invoicing programmes. Benefits include greater insight, control and automation for customers and suppliers alike.
Basware Portal for Receiving: Enables e-invoices to be sent and received easily and securely to customers through the Basware Commerce Network. It provides full visibility into the delivery status of all invoices, removing uncertainty and allowing better forecasting of cash flow. The module is particularly well suited for companies that don't have an automated invoice processing system or the capability to receive true e-invoices. Features include email notifications and the flexibility to view, sort, store and download invoices in PDF or XML formats. Receiving companies can also easily engage their suppliers and raise questions through the portal, allowing quick resolution of an issue.
Basware Portal for Tracking: Takes all the complexity out of monitoring and tracking invoices by allowing suppliers greater insight into the status of their invoices. This makes accounts payable teams more productive and enables them to focus on core activities by reducing the amount of time spent responding to supplier enquiries about payment status. The module works with most existing invoice processing software packages.
Basware e-invoice Email Lite: Many organisations send invoices in PDF format, and buyers typically have to spend a lot of time capturing, extracting and validating the data from these invoices. However, converting these PDF senders into true e-invoice senders can be challenging and time consuming. These problems are solved by Basware e-invoice Email Lite, which allows PDF senders to continue to send PDFs while extracting all the relevant, detailed line item information before adding it straight into an invoice automation system for automatic matching and processing.
Tihilä concluded: "These new Basware solutions offer a gateway to electronic transactions exchange for all companies from day one, enabling them to send, track and receive e-invoices and purchase messages with business partners across the Basware Commerce Network. It is through our continued focus on delivering innovations designed to remove common obstacles to connected commerce that Basware can claim maintained leadership in this sector. Our goal is to remove all barriers to invoicing and purchasing automation, allowing our customers to reap the full benefits and savings that such strategies deliver, no matter what size they are."
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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 Commerce 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.
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