October 18, 2016

Basware recognized as innovator in trade finance and transaction services

Basware Advance selected for innovating B2B financing, helping companies get paid faster, boosting cash flow

STAMFORD, Conn. -- Basware, the global leader in networked purchase-to-pay (P2P) solutions, e-invoicing and innovative financing services, today announced that Basware Advance, its supplier-initiated early payment finance solution, has been recognized by Global Finance magazine for sparking innovation in trade finance and transaction services. Basware will be honored tonight as an innovator at Global Finance’s second annual Digital Bank Conference and Awards Dinner at RSA House in London.

Basware is included in the publication’s fourth annual Innovators 2016 - Transaction Services list, and its first annual Innovators 2016 - Trade Finance list in Global Finance’s The Innovators Special Issue. Basware is recognized for product innovation on the Transaction Services list and for product and process innovation on the Trade Financing list.

“We are honored to receive this recognition for our newest addition to the Basware Financing Services portfolio,” said Ad van der Poel, SVP, Basware Financing Services. “We developed the new financing option to meet business needs for greater financial agility, flexibility, and liquidity. By providing fast, easy and transparent invoice payment, companies can improve cash flow and working capital, and grow their businesses. Small-and medium-sized enterprises (SMEs), in particular, gain visibility over the entire process as well as more instantly available information, so they can make faster decisions. Together with an industry partner, we established Clear Funding—which is currently available in the UK—to enable SMEs to take advantage of this new technology and finance their unpaid invoices in an easy way.”

“Innovations in trade finance are centered on increasing transparency to mitigate risk, in addition to the usual goals of speed and efficiency,” said Joseph Giarraputo, publisher and editorial director of Global Finance. “In transaction services, the pace of digital enhancements with direct impact on the final customer, whether business or consumer, is ratcheting up. Much is being gained in speed and efficiency, but applications that improve information flows, thus enabling smarter decision-making, will ultimately deliver the greatest value.”

All selections for the annual listings were made by the editorial board of Global Finance. The board considered nominations and submissions, key research and the input of experts in evaluating those banks and service providers that stand out for their transformative products and solutions. The OECD’s Oslo Manual of Innovation was referenced when considering firms for inclusion. The Oslo Manual spells out four types of innovation: product innovation; process innovation; marketing innovation and organizational innovation.