B2B Payments

Basware Launches B2C-Like Procurement Marketplace

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Procure-to-pay service provider Basware is launching a new way for buyers and suppliers to connect.

Dubbed Marketplace, Basware's latest solution offers an online platform for businesses to procure and maintain vendor relationships. While the tool provides what Basware described as a "consumer-like shopping experience" for companies, it also offers features like pre-negotiated supplier contracts and direct ordering from vendors necessary for B2B procurement.

"As international procurement processes increasingly depend on strong buyer-supplier relationships, built on mutual trust and reliability, business networks are becoming more important than ever before," stated Basware SVP of Purchase-To-Pay Ilari Nurmi in the firm's announcement Tuesday (Nov. 29). "Marketplace helps organizations create and nurture these essential relationships with their suppliers, and vice versa."

"After years of collaboration with our customers in the U.K., we are excited to bring Marketplace to organizations around the world, enabling them to build deeper, stronger and transparent relationships that will fuel mutual success," the SVP added.

Suppliers can upload their product and services catalogue to the Basware Network, while still maintaining custom price lists and discounts for certain clients. Marketplace is accessible through the Basware Purchase-to-Pay platform but can also integrate into other eProcurement and ERP systems, the company noted.

Earlier this year, Basware revealed enhancements to its eProcurement platform following the acquisition of Verian. Similar to Marketplace, the enhancements aimed to strengthen buyer-supplier relationships, with features offering faster sourcing, as well as upgrades to the Basware mobile app.

But it's not all sunny skies for the company. Earlier this month, the company announced it would be cutting staff before the end of the year to save up to $8.5 million. Finland and Belgium were identified as likely targets of the employee reductions.

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