Basware’s Supplier-Buyer Network grows to connect 320,000 organizations

May 12, 2011  |  Electronic Invoicing

Basware230x200Basware, the leading provider of purchase-to-pay solutions, has seen a significant increase in the number of active suppliers and buyers in its Open Network, with the total rising to 320,000 from 160,000 in 2010. This figure includes a number of new customers, as well as existing customers transmitting more and more of their purchase-to-pay documentation electronically. The growth of the global network attests to the increasing need among buyers and suppliers to build close trading relationships and the benefits of an open network approach.

The Basware Open Network allows companies of all sizes and across industries to transact purchase-to-pay documentation electronically, regardless of the format used. According to the E-invoicing: A Global View report, an independent survey by Basware, 61 percent of global finance professionals regard increased efficiency and cost savings as a key advantage of an open purchase-to-pay network. Correspondingly, lack of interoperability was seen as a big challenge to engaging suppliers, who would be restricted by networks that support only limited document formats. The Basware Open Network enables suppliers to take advantage of their existing e-invoicing solution without needing to install the proprietary technologies to connect buyers and suppliers that the traditional networks typically require. Basware enables buyers and suppliers to use one single interface to connect with their business partners, either directly via Basware or through one of its e-invoicing network partners.

By making it easier for suppliers to submit e-invoices, customers that use the Basware network can benefit from complete control over cash flow, better working capital management and improved supplier relationships that shifting to fully electronic processes provides. Sixty-six percent of global finance professionals regard flexibility as the primary advantage of an open network, according to the E-invoicing: A Global View report.

Ari Salonen, Basware general manager, North America, noted, “According to our research, e-invoicing is key to achieving operational efficiency. It saves suppliers and buyers time and money, and the capability of sending invoices and other purchase documentation electronically is becoming essential for many companies.

“To facilitate e-invoicing, suppliers and buyers need access to a network that offers multiple formats and compatibility, which the Basware Open Network offers. In large part, this has contributed to a rapid increase in the number of active suppliers and buyers using our Open Network as well as a significant rise in transactions. In the first quarter of the year alone, we saw a more than 50 percent increase in transaction volumes. As the network expands and grows, more businesses globally will be able to reap the benefits of e-invoicing, and we will see these figures continue to rise,” Salonen added.

For more information on Basware e-invoicing solutions, visit www.basware.com/e-invoicing.

Basware, the leading provider of purchase-to-pay solutions, has seen a significant increase in the number of active suppliers and buyers in its Open Network, with the total rising to 320,000 from 160,000 in 2010. This figure includes a number of new customers, as well as existing customers transmitting more and more of their purchase-to-pay documentation electronically. The growth of the global network attests to the increasing need among buyers and suppliers to build close trading relationships and the benefits of an open network approach.

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