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Basware Commerce Network: 100+ million yearly e-invoice and purchase order transactions

October 20, 2015  |  Adoption, Digitalisation, Interoperability

Basware continues to achieve record growth. With 100 million annualised e-invoice and purchase order transactions sent and received across the Basware Commerce Network, it is now claimed to be the largest open business network in the world. This milestone highlights the success of Basware’s commitment to helping businesses unlock the value in their financial operations.

For over a decade, Basware has been the driving force behind a rapidly growing business ecosystem designed to connect e-invoicing and e-ordering networks globally. Today, the Basware Commerce Network connects with over 200 B2B (business-to-business) networks, allowing customers to transact seamlessly wherever they do business. The benefits of interoperability between networks to speed up the adoption of e-invoicing are obvious.

This network ecosystem enables e-invoices to be sent and received between governments, businesses and suppliers and thus speeds up cash flow and creates a more stable economy. Although growth rates for e-invoice adoption have been approximately 20 per cent in recent years, recent mandates by the EU and US for B2G (business-to-government) e-invoicing are expected to accelerate adoption.

Esa Tihilä, CEO, Basware:
“The Basware Commerce Network is the easiest way to do business. It helps you grow your business and manage cash flows. A great example of the power of our open network is Basware Financing Services, adding real value to organisations in the Basware Commerce Network. This might mean creating and initiating a new payment programme, setting up dynamic discounting or financing your receivables. Through the Basware Commerce Network, organisations are able to make or take payment as cash flow requires. This agility creates competitive advantage and directly impacts the bottom line.”

“In addition to companies, governments are realising the benefits of connected commerce and are mandating e-invoice adoption. By going paperless, governments can also speed up their invoicing and payment processes significantly. This faster moving capital impacts on the strength of the economy in terms of trade and GDP. Forward-thinking governments and companies across the world implement e-invoicing as a way of improving cash flow, ensuring smoother payment cycles and building stronger relationships between buyers and suppliers across supply chains.”

About the Basware Commerce Network

The Basware Commerce Network is open to all – there are no expensive memberships, unfair fees or participant lock-in. Today, the network connects over one million companies and governments across more than 100 countries. Because the network is comprised of over 200 other networks, customers of one network can e-invoice customers of another network and vice versa. This ability to ‘roam’ is just one more reason why the Basware Commerce Network, and other open networks are growing faster than closed networks.

 


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