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2016-01-12

Basware: Basware extends network capabilities to improve collaboration between trading partners and boost e-invoicing

Basware extends network capabilities to improve collaboration between trading
partners and boost e-invoicing

Basware Commerce Network becomes more interactive and immersive with Vendor
Management Services and a new Business Directory
ESPOO, Finland, 12 January, 2016
-Basware, the leading provider of e-invoicing and purchase-to-pay solutions,
has added two new services to the Basware Commerce Network. With the global
launch of these new services, buyers and suppliers will find it easier to
connect, transact and manage trading relationships over the network.
TheBasware Commerce Networkis more than just an infrastructure for
e-invoicing. As the largest open business network in the world, it acts as a
marketplace connecting 1 million companies across 100 countries, helping
organizations of all sizes grow their business and improve cash flow.
The first feature, theBusiness Directory
, allows businesses signed up to the Basware Commerce Network to easily search
and find any trading contacts, such as suppliers and customers, and add them
to their personal e-invoicing address book. This will boost further adoption
of e-invoicing and bring greater payment efficiencies.

There are two ways to use the Business Directory. The first is simply to
search for your customer or supplier manually by typing their name into the
search field. Once found, it's just one click to 'Add to My Network'
. The second method, to be introduced during the second quarter of 2016, is to
import a list of your suppliers or customers and let the network match them
against the entire Business Directory. This makes it easy to search the
network for your trading partners quickly and efficiently.
The second feature is theVendor Manager
- a tool for larger organizations to provide self-service for vendors to
manage their own data on the network. Vendor data maintenance is a key
challenge for both Accounts Payable and Procurement functions in an
organization.

In effect, buyers empower businesses in the supply chain to manage key data
required to process and pay invoices to the right accounts, on the right
terms and in a timely manner. In making the changes themselves to certain
fields, they can get paid more efficiently. This might include a change to
the accounts payable contact, a new bank account number, or enriching the
invoice data with the buyer's own internal vendor code for improved
invoice-to-order matching. Vendors can also upload documents required to
establish a business relationship with the customer such as industry
certificates or annual tax forms (US).

"By adding more valuable services and capabilities to our network, we're
creating an exciting marketplace that is changing the way business is done.
More tightly linked financial and informational supply chains are creating
new opportunities for business growth and working capital management," said
Ilari Nurmi, SVP, Products&Services at Basware.

"Traditionally, many large firms have invited suppliers to submit e-invoices
via the Basware Commerce Network. Suppliers might not realize that being part
of the Basware network gives them free access to interact with other
customers. Now, by using the Business Directory it becomes easier for
suppliers to find and connect with more of their customers. Our Vendor
Manager tool also greatly improves collaboration between buyers and
suppliers, and we hope this ability to work together more efficiently will
bring about bigger benefits, including better cash flow, fewer late payments
and a stronger supply chain overall. The network is continuously evolving and
we'll be looking to add new features to further cement its position as the
global network of choice for businesses and government," added Nurmi.

Vendor Manager is immediately available via the Basware Commerce Network. The
Business Directory will be available in the Nordics immediately and in
further markets throughout 2016.

More information:

Join the Network:http://www.basware.com/global-business-network-basware

View how Network Business Directory works:
http://www.basware.com/knowledge-center/basware-business-directory-video

Contacts:

Sirje Ahvenlampi-Hyvönen
Communications Director, Basware
sirje.ahvenlampi@basware.com, tel. +358 50 557 3822

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Basware via Globenewswire

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