Stamford, Conn.—Feb. 18, 2014—Basware, a provider of e-invoicing and purchase-to-pay solutions, announced that it was named the Best Provider of Treasury Management Systems and Services for Accounts Payable Services by Global Finance magazine in its annual ranking of the World's Best Treasury and Cash Management Providers 2014. This marks the fifth year that Basware received an exclusive treasury management award from Global Finance.
Basware received this recognition for its innovative leadership in cloud-based accounts payable solutions and services, which enable companies to achieve greater visibility and control of cash, spend and working capital, as well as significant efficiencies and cost savings. Basware’s solutions also enable companies to achieve better buying, better selling and connected business-to-business (B2B) commerce, while cutting transaction and processing costs in half or more, eliminating paper-based invoices and streamlining invoice processing.
According to Robert Cohen, vice president, North America for Basware, “Basware has a rich history of innovation, continuously working to provide companies with the financial visibility, control and cost effectiveness that is so critical for them. This award recognizes our commitment to helping companies establish strong corporate finance infrastructures that support global B2B commerce, and leverage the cloud, mobile and social technologies, as well as analytics to achieve their goals.”
Basware Invoice Automation is the company’s flagship solution within the Accounts Payable Automation suite. It enables companies to automate the invoicing process, reducing the time it takes to process an invoice, typically from many weeks to a matter of days. In addition, the Basware Commerce Network, which enables buyer and supplier collaboration through e-invoicing and e-ordering, is the largest open network of its type, connecting millions of business users in 900,000 companies across more than 100 countries. This global network reduces the time it takes for companies to receive an invoice from approximately two weeks to immediately.
Global Finance used a multi-tiered assessment process—which included a readers’ poll, and input from industry analysts, corporate executives, technology experts and independent research—to select the best providers of treasury and cash management services. A variety of subjective and objective criteria were considered, including: profitability, market share and reach, customer service, competitive pricing, product innovation, and the extent to which treasury and cash management providers successfully differentiated themselves from their competitors around core service provision.
“Awards submissions we received this year continued to reflect the changing global landscape for treasury and cash management services,” said Joseph D. Giarraputo, publisher and editorial director of Global Finance. “The winners in our annual Treasury and Cash Management awards are those that offer sophisticated regional and/or global solutions with a best-of-breed technology backbone and a client-centric front end.”