Tuesday 7 February, 2012

Basware, the global leader in purchase-to-pay solutions, today announced that it has been named the best global provider of Electronic Invoice Presentment and Payment Services by Global Finance, a leading magazine on  international financial markets.

For the third consecutive year, the magazine recognised Basware’s exclusive position in its ranking of the World’s Best Treasury and Cash Management Banks and Providers 2012, which will be published in the March 2012 issue of the magazine.

Basware received this recognition for its innovative leadership in invoice automation, procurement, and connectivity solutions that improve supplier and buyer relationships and promote electronic document exchange around the world, through one of the world’s largest open networks for e-invoice and purchase message transactions. The Basware Open Network allows suppliers to implement e-invoicing and connect to buyers without installing proprietary technology, which is typically required with traditional closed networks.  By making it easier for suppliers to submit e-invoices and encouraging use of more electronic processes, Basware enables buyers and suppliers to drive down processing costs and improve control over cash flow, while increasing critical internal visibility between Procurement and Finance, and externally between buyers and suppliers.

“It’s a great honor for Basware to be selected once again in Global Finance’s annual ranking of the World’s Best Treasury and Cash Management Providers,” said Bob Cohen, Basware vice president, North America.  “The award underscores our commitment to helping companies around the world gain critical real-time visibility and business benefits by more effectively managing their spend, cash flow, and supplier transactions and relationships.”
“In the current volatile global economic environment, treasurers need the best tools and advice available to make capital work harder than ever,” says Global Finance publisher Joseph D. Giarraputo. “Our awards identify the banks and providers of products and services that consistently improve transaction processes to speed collections, cut costs and reduce risks.”

Global Finance editors—with input from industry analysts, corporate executives and technology experts—selected the best providers of treasury and cash management services. A variety of subjective and objective criteria were used for choosing the winners. Factors considered include: profitability, market share and reach, customer service, competitive pricing, product innovation and the extent to which treasury and cash management providers have successfully differentiated themselves from their competitors around core service provision.