September 12, 2014
Basware Commerce Network exceeds 80 million transactions
STAMFORD – Basware , a provider of e-invoicing and purchase-to-pay solutions, continues to achieve record growth, with over 80 million annualized e-invoice and purchase order transactions sent and received across its Basware Commerce Network.
According to recent industry surveys, e-invoicing has grown into an everyday element of day-to-day business transactions and its volume has increased significantly across the world. A survey among European E-Invoicing Service Providers Association (EESPA) members shows that e-invoicing continues to grow 19 percent year-over-year, with 840 million e-invoices processed and delivered by its members in 2013.
“Connected commerce and e-invoicing adoption are on the rise across every sector and businesses of different sizes. That’s because companies relying on manual processes to receive and pay invoices frequently end up paying late, slowing payment activity and creating stagnation in the wider economy,” says Bob Cohen, vice-president, North America, Basware. “It is through our continued focus on delivering innovations, designed to enable easy connectivity to the network for companies of all sizes and removing common obstacles to connected commerce that we have been able to boost the number of companies using our network.”
The growth of the Basware Commerce Network has also been driven by cultural and regulatory factors. As local economies start to recover from the impact of the global recession, money is starting to flow more readily. Many organizations are still cautious, but e-invoicing is being enforced by forward-thinking governments and large enterprise buyers across the world as a way of improving cash flow, ensuring smoother payment cycles and building stronger relationships between buyers and suppliers across supply chains.
“Our Basware Commerce Network connects over one million companies across 100 countries, with more than 80 million annualized e-invoice and purchase order transactions sent and received across the network. We continue to grow the network to boost cash flow and help make companies more successful. Build the network and they will come – but we can’t expand it without continued e-invoicing adoption,” says Esa Tihilä, CEO, Basware. “Our goal is to constantly innovate and push the industry forward through the development of our own solutions and through partnerships with other leading businesses. This way we remove barriers to e-invoicing and purchasing automation, allowing our customers to reap the full benefits and savings that such strategies deliver, no matter what size they are.”
"The Basware Commerce Network has helped Philips to improve collaboration with suppliers and increased efficiency and automation in financial processes. The possibility to handle just about any international invoice format facilitates communication at all levels. This has also enabled us to quickly start sending electronic invoices to our integrated electronic data interchange (EDI) partners. Today, we send nearly 500,000 e-invoices across Europe – including the Benelux, France, Poland, Finland, Sweden, Norway and Denmark – and we provide customers with the required information in a fast and accurate manner,” says Lode Reyskens, ICT business analyst at Philips.