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Chinese automotive hub turns towards e-invoicing

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Abhigna
New Update

ESPOO, FINLAND: Basware, a provider of e-invoicing and purchase-to-pay solutions, has partnered with CEDEX e-Autohub, a Chinese supplier network, to connect automotive manufacturers in Europe and North America with suppliers in China.

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With this partnership the Basware Commerce Network, a B2B network in the world with 54 million transactions annually, and a large Chinese automotive network have combined to drive the exchange of electronic invoices in the automotive industry.

As an announcement adds, the agreement simplifies purchasing, accounts payable and invoicing processes to deliver better control, efficiency and cash flows. The partnership strengthens the global automotive supplier network by facilitating the exchange of electronic invoices, speeding up and making processes more transparent, whilst ensuring compliance with local regulatory requirements.

"This is very important for our customers with existing or future business operations in China. They want to be able to rely on one consistent, standards compliant, e-invoicing solution across their whole supplier network. As part of the agreement, Basware customers like Daimler and BMW will be able to connect with CEDEX e-Autohub's customers, and vice-versa, enabling expansion across respective supply chains," said Hubert Hohenstein, Vice President Automotive at Basware.

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"This partnership makes handling supplier invoices easier, faster and more productive. With our combined networks, customers can receive supplier e-invoices safely and securely, directly into their invoice processing system, while we take care of the data validation, format conversions, legal compliance and if needed, digital signature verification. This formatting alone reduces invoice processing time by several days and minimises the burden for our customers and helps improve their cashflow positions."

Today, the agreement enables the connection of 5,000 Basware and 2,500 CEDEX e-Autohub suppliers and customers, with this number continuing to grow.

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