Basware announced plans to acquire Trustpair, further extending invoice lifecycle management into payment fraud prevention.
"AI may be the most powerful productivity tool of our generation. Unfortunately, it is also becoming one of the most powerful tools ever placed in the hands of criminals. A finance team can do everything right on the invoice and still send the money to the wrong bank account. Basware has spent more than 40 years protecting the invoice. Bringing Basware and Trustpair together extends that protection through the payment itself. Together, we will offer the first end-to-end invoice-to-payment assurance in the market, strengthening financial integrity and continuous compliance across the invoice lifecycle," adds Jason Kurtz, CEO at Basware.
"Trustpair was built around a simple belief: approving the right invoice is not enough if the money ultimately reaches the wrong account. By bringing our capabilities together, we see the opportunity to give finance teams stronger protection across the full journey, from supplier onboarding and invoice approval through payment. Trustpair will continue to operate with the same team, platform, and commitment to our customers and partners across the finance environments they already use. Basware's reach and resources will help us accelerate beyond what we could have achieved alone," says Baptiste Collot, co-founder and CEO at Trustpair.
Key takeaways:
· The proposed acquisition will deliver what is said to be the industry's first invoice lifecycle assurance covering the complete end-to-end transaction.
· Trustpair works with customers running one or more ERP, procurement or treasury systems.
· Following completion of the acquisition, Trustpair will continue to operate and go to market independently as a Basware company.
· In parallel, Trustpair's payment fraud prevention capabilities will extend Basware's invoice lifecycle management offering.
· Trustpair will draw upon shared intelligence spanning 2.5 billion invoices and 20 million suppliers to strengthen its validation models and gain a faster route to a wider customer base.
