Faster, Frictionless Financial Processes: WEX and Basware

Better use of working capital, improved B2B relationships, and innovation in financing and procure-to-pay (P2P) solutions—all made even faster. WEX has teamed up with Basware to help businesses further enhance their P2P process and working capital management by providing an automated invoice payment solution for real time electronic payments.

The agreement, announced 16 March 2016, begins an international partnership between WEX, a leading provider of corporate payment solutions and Basware, the global leader in providing networked purchase-to-pay solutions, e-invoicing and innovative financing services, will further enhance savings through the use of real-time electronic payments.

The automated invoice payment system leverages Basware and WEX to support businesses looking to further improve their purchase-to-pay (P2P) process and working capital management with a new, automated invoice payment solution for real-time electronic payments.

Among the benefits:

• Eliminate unnecessary manual work and automate reconciliation
• Increase cash flow with access to extended payment terms
• Reduce late payments and improve supplier relationships
• Improve visibility, achieve flexibility with improved payables or receivables financing

In the press release, Jim Pratt, SVP and GM for Virtual Payments, WEX Inc., shared his thoughts on the agreement:

“At WEX we continuously seek new ways to improve the customer experience by providing innovative, global payment solutions which enhance our customers’ profitability and cash flow positions in local currencies. We are excited to be working with Basware: our cooperation provides WEX with an opportunity to offer a new, real-time payment alternative with the benefits of automated reconciliation, increased cash flow and faster payments.”

CEO of Basware, Esa Tihilä, added to the notion, stating,

“We are pleased about our partnership with WEX which will enable more organizations to benefit from real-time electronic payments.

With eliminating unnecessary manual steps and providing flexible payment options, businesses can improve their overall financial processes, reduce late payments and optimize working capital; all challenges we know many companies are facing today.

New and innovative supply chain finance options are creating new opportunities for business growth and working capital management. Buyers and suppliers are able to finance payables or receivables in order to optimize cash position and to achieve flexibility and improved visibility.”

Learn more about Basware Financing Services, the partnership with WEX, and attend an upcoming Basware Webinar, 10 Reasons Your CFO is Interested in E-Invoicing, hosted by the Accounts Payable and Procure to Pay Network, scheduled for 22 March 2016 at 2 PM EDT.

See how WEX simplifies commercial payments, provides real-time, touch-free B2B payment solutions for a wide variety of industries here, and see how WEX has expanded these capabilities in recent years using the resources below:

• WEX and Esso Card: A One Year Anniversary Celebration Video
• WEX to Acquire Electronic Funds Source LLC
• WEX to Acquire Benaissance
• WEX News: Agreement with UATP Expands Acceptance

For even more, see our recent article series, The Top Payment Trends Shaping Strategic Thinking in 2016, Part One and Part Two. Follow us on LinkedIn and Twitter for all the latest in payments news and trends.