ING, a global financial institution of Dutch origin, decided it wanted to address their clients’ payments challenges by further optimising their purchase to pay (P2P) process and their working capital management.
The services are based on the Basware+Mastercard Pay solution and address buyers’ payment challenges ranging from funding, to forecasting short term cash flow, as well as managing their suppliers with respect to payment.
The e-payment solution makes early payment to suppliers easier while leading to direct cost savings for buyers. An initial estimate shows that buyers could save up to 1% of their indire
ct spend while suppliers’ liquidity improves as they are paid within 3-5 working days.
Mark Buitenhek, ING Commercial Banking Global Head of Transaction Services:
“Extending the benefits of electronic invoicing to include payment is an integral part of our strategy of taking advantage of innovation in order to serve the changing needs of our customers. Electronic financial services and e-payments improve financial processes overall, increase visibility and improve cash flow for our customers and is relevant for companies of all sizes.”
“We are pleased to link our purchase control platform to the Basware Commerce Network as it supports our objective of delivering a comprehensive integrated solution encompassing the entire financial supply chain.”
Ad van der Poel, SVP, Financing Services at Basware:
“We are excited to be working with ING, one of the globally leading financial institutions, as our first partner to offer Basware Pay to customers worldwide. The solution connects buyer and supplier purchasing and invoicing processes via the open Basware Commerce Network. With the solution, buyers enjoy easy access to funding for early payment, while suppliers can choose to get paid faster with greater certainty and less hassle. Both parties benefit also from richer settlement data and full process and payment visibility.”
