We’re doing a special edition of Payables News Weekly this time around, focusing entirely on news about Basware. The Finnish commerce network had a big past few weeks, inking two brand-new partnerships not long after launching their Basware Discount offering to augment the Basware Financing Services portfolio. (We wrote about Basware Discount in Payables News Weekly last month.)
ING Partners Basware to Offer Automated Invoice Payment
Dutch banking giant ING will offer an automated invoice payment solution that enterprises can easily add to their procure-to-pay (P2P) workflows. ING is starting to offer their solution as a way to get into the electronic invoicing (eInvoicing) marketplace, which is slated to grow by double digits in the next few years. The payment portion of the ING solution will run on Basware Pay, which is the flagship offering of Basware Financing Services.
This is a significant partnership for Basware; ING has a hand in numerous countries around the world, which means many more enterprises may end up using Basware Pay than had before. ING also plans to use the automated invoice payment solution to offer early payment discounts to its customers, which is a good proving ground for Basware’s discounting functionality as well.
Basware and Arrowgrass Capital Partners LLP Have Signed a Definitive Partnership Agreement
Last week, Basware announced that it had signed a partnership deal with Arrowgrass Capital to develop a new eInvoicing-based, supplier driven invoice financing service. The service, which based on the announcement sounds like either supply chain finance or some form of factoring, is intended to launch by the end of the year. Whatever the new service is, it will be a key offering in the Basware Financing Services portfolio. Because of the partnership, a new entity will be created to manage the service globally for the two partners.
Check out these related articles for more:
Payables News Weekly: Indian eInvoicing, SciQuest and Transcepta Partner
Payables News Weekly: Kofax in London, Citi Supply Chain Finance Deal, and More
Payables News Weekly: UK Employees ‘Fiddle’ Expenses & Sentencing in Delta False-Invoicing Case
