Basware Named Top e-invoicing Innovator at Financial-i Awards

Guildford, UK - 17 December 2009

Financial-i rewards Basware’s e-Invoice Solutions at fourth annual Leaders in Innovation Awards

Basware, the leading provider of purchase to pay solutions, today announced it has been awarded the Financial-i annual Leaders in Innovation Award for its e-invoicing services. The awards will be featured in the Q4 2009 edition of Financial-i later this month, highlighting the leading providers of financial services and technologies that are at the forefront of innovation. Basware received the recognition for its pioneering Connectivity Services which enable suppliers and buyers of all sizes and maturity to transact electronically, sending and receiving e-invoices and purchase messages. Basware are the leaders in network inter-operability, and have transformed the way businesses approach e-invoicing projects.

Organisations that use Basware Connectivity services are able to exchange e-invoices and purchase messages electronically with suppliers of all sizes using Basware Business Transactions. In turn, the solution enables suppliers to key-in invoices, receive orders electronically, send order confirmations as well as upload and create electronic catalogues via Basware Supplier Portal. The services are supported by an outsourced Basware Supplier Activation service to communicate with the suppliers, assist and activate them to connect to the buyers' purchase to pay process.

Past winners of the Leaders in Innovation Awards include financial hardware and software vendors and global transaction banks that have excelled in the past 12 months in terms of innovation in business solutions across wholesale transaction banking encompassing Treasury & FX, securities services, data management, risk management and network services.

"Post-crisis, now more than ever before, firms are looking for business solutions that provide a much quicker return on investment and do what they actually say on the tin,” said Anita Hawser, editor of Financial-i. “In selecting winners in each category we have tried to focus on those companies we and our advisory panel believe have that little something extra that makes their solutions stand out from their competitors in terms of depth and breadth of functionality, ease of implementation and support and solutions that are not looking for a problem to solve, but actually address real business needs."

The organisations that were originally shortlisted for the awards were selected based on research by Financial-i journalists and independent analysts as opposed to self-nominated. An advisory panel made up of analysts, consultants and market practitioners reviewed the short list to select the winners in each category. Financial-i stressed that the Leaders in Innovation Awards specifically recognised companies that demonstrate an ongoing commitment to innovation. “To receive such a prestigious award is a reflection of our hard work and high level of commitment to delivering solutions that make a real and tangible improvement to business productivity,” said Matt Lees, MD at Basware UK. “As cash-flow management takes increasingly higher priority on CPO and CFO agendas, automation of the invoice handling process can help organisations increase savings by eliminating errors, speeding up processing and lowering workloads for improved productivity. We’re honoured to be recognised for our innovation and to be counted among the world’s leading innovators in e-invoicing solutions.”

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