Basware, the global leader in providing networked purchase-to-pay solutions, e-invoicing and innovative financing services, and WEX Inc., a leading provider of corporate payment solutions, today announced that they have entered into an international agreement to deliver a new B2B invoice payment solution.
The agreement is established to support businesses in further enhancing their purchase-to-pay (P2P) process and working capital management with a new, automated invoice payment solution for real-time electronic payments. The solution provides buyers with easy access to early payment funding, while suppliers can choose to get paid faster and with greater certainty. The solution will be provided in cooperation with Basware.
Jim Pratt, SVP and GM for Virtual Payments, WEX Inc. said, “At WEX we continuously seek new ways to improve the customer experience by providing innovative, global payment solutions which enhance our customers’ profitability and cash flow positions in local currencies. We are excited to be working with Basware: our cooperation provides WEX with an opportunity to offer a new, real-time payment alternative with the benefits of automated reconciliation, increased cash flow and faster payments.”
Esa Tihilä, CEO of Basware said, “We are pleased about our partnership with WEX which will enable more organizations to benefit from real-time electronic payments. With eliminating unnecessary manual steps and providing flexible payment options, businesses can improve their overall financial processes, reduce late payments and optimise working capital; all challenges we know many companies are facing today. New and innovative supply chain finance options are creating new opportunities for business growth and working capital management. Buyers and suppliers are able to finance payables or receivables in order to optimise cash position and to achieve flexibility and improved visibility.”