Electronic invoicing firm Basware revealed Wednesday (Aug. 8) that it 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 checks, 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 launch of NetworkPay represents another example of how eInvoicing is evolving in North America, from being a largely technical service focused on delivering process efficiencies, to one that is able to deliver transformational commercial benefits to businesses.”
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.
Though Basware is focusing on the digitization of invoicing and B2B payments, it has also added new features to its solution in recognizing that paper remains common in the procure-to-pay process. Last month, Basware partnered with Xerox, which will operate its scan-and-capture capabilities to digitize data on paper invoices.