Basware Adds B2B Payments Functionality To eInvoicing Solution

Electronic invoicing firm Basware has integrated B2B payments capabilities into its product offering. Basware calls the solution NetworkPay, and it’s a way to automatically pay suppliers once invoices are approved. The tool supports check, ACH, virtual card and wire payments for corporate users through a unified platform.

The solution eliminates the manual processing costs of cutting paper cheques, Basware said, as well as streamlines and automates accounts payable processes. Suppliers get paid faster, while corporate buyers can take advantage of early payment discounts and rebates.

“NetworkPay allows clients to gain complete control over their payments processes while leveraging their existing ERPs,” Basware’s VP of purchase-to-pay product management, Sami Peltonen, said in a statement.

The solution also aims to address damaged buyer-supplier relationships, which can be negatively affected when businesses take too long to process and pay invoices.

In January, Basware announced a collaboration with AcceptEasy, an initiative aimed at helping businesses send out eInvoices and accept electronic payments. It has also partnered with WEX to facilitate B2B payments.

The company’s NetworkPay tool is its first proprietary, integrated payments capability. In November, the company added machine learning technology into its platform to enhance automated invoice coding.


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