2016 may just be the year of collaboration in B2B payments. The latest players to partner up are Basware and WEX, which announced their tie-up on Wednesday (March 16) to offer a real-time invoice payments solution.
Procure-to-pay and eInvoicing service provider Basware revealed a deal with corporate payments company WEX, a move that sees the businesses collaborating on the development of a new B2B payments solution that looks to speed up payment times.
Together, Basware and WEX will offer corporate buyers access to early payment discounts, meaning suppliers get paid faster. The firms said it will improve corporate cash flow and enhance automation within back-end processes.
Basware first launched an early payments offering into its solution just over a year ago. The Basware discount initiative allowed corporate buyers to access early payment discounts, achieving cost savings for paying their suppliers more quickly.
Several months later, the company rolled out Basware Advance, a way to help SMEs access working capital to fill in the gaps while they wait for invoices to get paid.
“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,” stated Basware CEO Esa Tihilä.
“New and innovative supply chain finance options are creating new opportunities for business growth and working capital management,” the executive continued. “Buyers and suppliers are able to finance payables or receivables in order to optimize cash position and achieve flexibility and improved visibility.”
Basware’s payment service will integrate into WEX’s offering, allowing WEX corporate clients to pay off their invoices more quickly and electronically, the companies noted.
WEX initially gained traction in the B2B payments market by offering fleet payment solutions but has been expanding its service offerings in recent months to other areas of corporate payments and financial services.