Source-to-pay and eInvoicing solution provider Basware has struck a collaboration with Valta Technology Group (Valtatech) to enhance automation in Australia's superannuation market.
Reports in Toolbox on Monday (April 22) said the companies are collaborating on solutions to automate and digitize processes for Australia's superannuation market, enabling fund managers to boost visibility and strengthen risk mitigation.
The companies will provide superannuation funds and their managers with a procure-to-pay system that supports governance and compliance, a repository to manage contracts and accelerate the negotiation process, a mechanism to link contracts to the source-to-pay value chain, and a supplier relationship management framework.
Their collaboration will also connect these funds to advanced data analytics for budgeting, performance management and procurement decision making, the companies said, while being able to integrate into existing super fund ERP systems.
"Australian super funds are facing intense scrutiny and the demand for digital transformation in the superannuation sector has never been greater," said Valtatech Founder and Managing Partner Jussi Karjalainen in a statement. "We are delighted to be expanding our partnership with Basware — a proven, best of breed source-to-pay and procure-to-pay solution provider — on our continued mission to support the industry on its digital transformation journey."
He added, "Our teams are now fully focused on making this project a total success for a number of funds, their suppliers and their members."
"Reducing costs, identifying risks and improving value delivery across a fund's back office has never been so important," added Basware Regional Head of Partnerships and Alliances, APAC and Japan, Holger Hilble in another statement. "Basware's networked source-to-pay solutions, eInvoicing and innovative financing services empower organizations with 100 percent spend visibility by enabling the capture of all financial data across procurement, finance, accounts payable and accounts receivable functions."
Earlier this year Basware announced its partnership with Valtatech along with a string of other collaborators including Ricoh, Azets, nSYS and others.