Monday 2nd November, 2015

Today Basware has announced the latest in their suite of invoice financing products - an online solution for SMEs called Basware Advance. 

According to Basware CEO, Esa Tihilä, the drip feed of solutions, Basware Pay, Basware Discount and now Basware Advance has long been part of the roadmap to give organisations better and flexible cash management solutions. The latest offering adds another dimension to the products, and is aimed at SMEs looking for a robust financing solution which is easy to use, and that doesn't need to involve the buyer. Using the Basware Advance solution within the Basware Commerce network, (where they can also send e-invoices) SMEs can see the status of invoices, specify the details of the financing required, sign the agreement and use the dashboard to track the status of the financing - all at the touch of a button.

The whole process enables them to receive payment within days, manintain visibility over the entire process and as a result, gain greater visibility into cash flow. And as Esa pointed out, ease of use is going to be key to the successful take-up of the offering. With a simple online "click", he said that suppliers are able to combine easy online access to invoice financing, together with the existing invoicing and approval process, which makes Basware Advance unique against alternatives in the market.

To some extent successful uptake will be about messaging, and as Esa said - the team are well position to make recommendations about which service is best for a particular set of circumstances. 

Ad van der Poel, SVP Basware Financing Services commented saying; "To date, the market has not worked in favour of businesses' ability to retain good cash glow. Businesses are seeking more agility and flexibility, with more visibility of cash flow and more instantly available information to enable faster decisions. However traditional financing options have not reflected this need so far and this has impacted the flexibility of those businesses, and sometimes even their ultimate survival.

With the likelihood of more financing options in the future, and the addition of a dashboard selection approach for each - it looks like Basware's firmly positioning itself as a major player in this market.

Basware Advance connects businesses with the financing engine Virtaus, a joint venture between Basware and Arrowgrass Capital Partners LLP. Basware Advance is a global solution, but will be available in the UK initially from early 2016.