Definition

Basware

Contributor(s): David Essex

Basware is a vendor of networked purchase-to-pay (P2P), e-invoicing, procurement, and financing software and services. It offers multi-tenant and single-tenant cloud, on-premises and hybrid deployment options and claims its software integrates with more than 250 ERP platforms.

Basware markets its P2P products as being especially attuned to the needs of the CFO. For example, improved collaboration between finance, accounts payable and trading partners can boost an organization's cash flow and working capital. Finance also gains better visibility into transactions, which can help spot impending credit or cash-flow problems and facilitate spend management. Automating accounts payable can minimize late payments and provide opportunities for early payment discounts.

The Basware Network is central to the vendor's ability to automate the P2P process, which is sometimes called procure-to-pay and denotes all of the transactions from when an item or service is ordered, through processing and payment of the final invoice. The network allows suppliers and buyers to exchange invoices, purchase orders, credit notes and e-catalogs electronically, which can be cheaper and more efficient than paper transactions. Organizations can also chat with trading partners and manage payment and financing programs through Basware Financing Services, which include dynamic discounting, a type of supply chain finance that allows buyers to extend discounts to suppliers in exchange for early payment, and global electronic payment, which uses the MasterCard network for e-invoicing and payment financing.

Basware claims its network is "open" because, unlike closed B2B networks, it has interoperability with more than 200 e-invoicing networks around the world. Basware also offers a scan-and-capture outsourcing service for converting paper invoices into electronic format.

A separate analytics product examines data in the P2P, e-invoicing and procurement platforms, so finance and procurement managers can measure the efficiency of payment processes, rate suppliers and analyze expenditures in various procurement categories.

In 2016, Basware acquired Verian, a North Carolina-based maker of multi-tenant cloud P2P, travel and expense, inventory and asset-management software.

Founded in 1985, Basware is based in Espoo, Finland, and has offices across North America, Europe and the Asia-Pacific region.

This was last updated in October 2016

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