Basware Enhances Procure-To-Pay Integration Capabilities

Source-to-pay solution provider Basware is enhancing its automation capabilities with the latest updated of its Purchase Manager tool, the company announced Friday (July 26).

The updates include the launch of Basware Access, a consolidated view of all applications, as well as the integration of the solution’s supplier self-service catalog management feature with the Purchase Manager tool. Basware is also integrating Purchase Manager with the Basware Network via APIs “providing greater transactional document support and control,” the company said.

The company also noted upgrades that target global organizations that manage multiple subsidiaries as a parent company, custom email notifications for users of its expense solution, and enhancements to the Secure File Transfer Protocol to promote security of purchase-to-pay documents.

In a statement, Basware Director of Technical Operations and Chief Architect Urmil Mehta said the upgrades are part of the company’s efforts to promote integration in the procure-to-pay process.

“This particular release brings the best of procurement technology combined with the best of invoice automation — all while maintaining an industry record-breaking uptime of 99.997 percent, or a downtime of less than 20 minutes a year,” Mehta said.

Previously this year, Basware introduced enhancements to its accounts payable capabilities, revealing in April that it launched the feature allowing for corporates to deploy more sophisticated AP analytics tools and manage Key Performance Indicators. The capability allows businesses to assess the risk of a late payment or manage invoice backlogs, for example.

Last year the company added its payment function, NetworkPay, allowing companies to not only receive, analyze and process invoices, but to actually pay them via check, ACH, virtual card or wire transfer. The solution followed the company’s announcement of a collaboration with AcceptEasy in an effort to help businesses on the accounts receivable end of a B2B transaction accept electronic payments.