Basware and MasterCard partner to transform the way businesses pay and get paid

LONDON, ENGLAND: Basware, provider of e-invoicing and purchase-to-pay solutions, has partnered with MasterCard, one of the world's largest payment networks, to launch a revolutionary electronic payment solution that ensures suppliers are paid fast upon invoice approval while extending payment terms for buyers. The e-payment service is enabled by the Basware Commerce Network, which is connected to the MasterCard global payment network and leverages MasterCard's unique suite of payments products. This will deliver immediate cost and efficiency savings to companies of all sizes.

Companies worldwide are looking to new ways to grasp the benefits that electronic invoicing and purchase-to-pay (P2P) can bring. Traditionally, businesses, even highly successful ones, can suffer financial performance issues caused by long payment cycles- especially when dealing with costly international payments. This is caused by a reliance on paper-based payments, labour-intensive processes, poor remittance data and low confidence in cash flow management- an issue that can even trigger issues in supply assurance. MasterCard and Basware will transform the way that companies do business with each other through this new single global payment solution.

Esa Tihilä, CEO of Basware, said: "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 P2P and e-invoicing industry. 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."