October 22 , 2015

Basware Commerce network reaches 100 million network transactions

Stamford, CT-- Basware, a provider of e-invoicing and purchase-to-pay solutions, has reached 100 million annualized e-invoice and purchase order transactions sent and received across the Basware Commerce Network. This milestone highlights 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 interoperability between networks speeds up the adoption of e-invoicing. This network ecosystem enables e-invoices to be sent and received between governments, businesses and suppliers, speeding up cash flow and creating 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 U.S. for B2G (business-to-government) e-invoicing are expected to accelerate adoption.

“The Basware Commerce Network provides an easy way to conduct 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, which adds key value to organizations in the Basware Commerce Network. This might mean creating and initiating a new payment program, setting up dynamic discounting or financing your receivables. Through the Basware Commerce Network, organizations are able to make or take payment as cash flow requires. This agility creates competitive advantage and directly impacts the bottom line,” said Esa Tihilä, CEO, Basware.

“In addition to companies, governments are realizing 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 the strength of the economy in terms of trade and GDP,” Tihilä added. “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.”

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 one of many reasons why the Basware Commerce Network, and other open networks, are growing faster than closed networks.