Purchase-to-pay and e-invoicing solutions provider Basware and corporate payment solutions provider WEX are combining forces to deliver a new B2B invoice payment solution.
That solution, an automated invoice payment solution for real-time electronic payments, will help companies enhance their purchase-to-pay process and working capital management.
WEX Senior Vice President and General Manager for Virtual Payments Jim Pratt explains the benefits to WEX.
“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.”
Businesses benefit from increased efficiencies of such solutions, Basware Esa Tihilä said.
“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.”
From its origins as a fleet card payments provider in the early 1980’s, WEX has grown into an omnichannel corporate payment solutions provider. It has offices in United States, Australia, New Zealand, Brazil, the United Kingdom, Italy, France, Germany, Norway, and Singapore.