Basware, MasterCard launch an automated supply chain finance platform

Friday 5 September 2014 00:49 CET | News

E-procurement and e-invoicing software company Basware and MasterCard have launched an automated supply chain finance platform dubbed Basware Pay.

The solution connects buyer’s and supplier’s payment processes through the Basware Commerce Network which provides an open and interoperable network that only authenticated buyers and sellers can use. Once the invoice is approved by the buyer it becomes available for payment through a virtual MasterCard account number. The combination automates invoice processing and ties the invoice information to the payment, all via MasterCard’s single-use Virtual Account Numbers (VANs) environment for protection.

Basware Pay could be used by banks, private equity firms, electronic funding companies, hedge funds or wealthy individuals looking for a new type of investment.

MasterCard said that the two companies will move into sectors such as air, energy and transport with their invoicing and finance functionalities.

The partnership between the two companies dates back to September 2013.

In recent news, Basware has extended its relationship with a global brewer and signed an agreement for the delivery of e-invoicing services in Denmark.

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Keywords: Basware, MasterCard, supply chain finance platform, supply chain finance, e-procurement, e-invoicing, Basware Pay, payment
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech