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Basware and MasterCard Partner to Transform the Way Businesses Pay and Get Paid
e-payment service simplifies payments and boosts cash flow for buyers and
Partnership combines MasterCard’s global payment network with Basware Commerce
Network to deliver unique business-to-business solution ~
Finland–(BUSINESS WIRE)–Sep. 23, 2013– Basware, the leading 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.
worldwide are looking to new ways to grasp the benefits that electronic
invoicing and purchase-to-pay 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.
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.
CEO of Basware, commented: "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. 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."
Commerce Network already processes over 50 million invoices annually, totalling
more than US$420 billion across 900,000 trading partners in 100 countries. This
scope and reach is combined with MasterCard’s international payment network
covering over 150 currencies across more than 210 countries and approximately
20,000 financial institutions. The new service will make sure suppliers get
guaranteed early payment without placing any additional burden on buyers,
creating a vital economic buffer for businesses of all sizes.
is pleased to announce this alliance with Basware," said Hany Fam, President,
Global Strategic Alliances at MasterCard. "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."
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MasterCard (NYSE:MA), www.mastercard.com is
a technology company in the global payments industry. We operate the world’s
fastest payments processing network, connecting consumers, financial
institutions, merchants, governments and businesses in more than 210 countries
and territories. MasterCard’s products and solutions make everyday commerce
activities – such as shopping, traveling, running a business and managing
finances – easier, more secure and more efficient for everyone. Follow us on
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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.
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.
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.
Corinne Raes, +32-2-352-5237