Basware Emerges As A Market Leader In Independent Report On The Electronic Invoice Presentment And Payment Market

Published 23rd June 2008

20 June, 2008 - Basware Corporation, a leading provider of Enterprise Purchase to Pay solutions, has been named as a market leader in the electronic invoice presentment and payment market by Forrester, as a result of its market presence, product offering and strategy...

Basware was among the select companies that Forrester invited to participate in its June 18, 2008 Forrester Wave™: Accounts Payable EIPP, Q2 2008 report, and was evaluated number one in all three of the report’s dimensions: Strategy, Current Offering and Market Presence. Basware was stated to have “the largest market presence, excellent functionality, and a strong vision”.

The Forrester Wave report used 78 criteria to evaluate top vendors that offer a complete Electronic Invoice Presentment and Payment (EIPP) solution supporting all phases of the payment process. According to the report, “AP-EIPP products streamline the invoice-to-pay process by receiving invoices directly from suppliers’ systems, automatically validating them against supporting documents such as purchase orders, and loading them into payment systems, ready to be paid.”

The report stated “Basware stays just ahead of a strong pack”. Forrester recognised Basware’s strategy and market presence, giving the company the highest scores in product strategy.

“The findings of the Forrester Wave report reflect our success in combining a strong strategic vision with top-of-the-line product development – this is made possible by our clear focus on the Purchase-to-Pay business area. We believe in providing our customers with solutions that offer the functionality and the ease of use needed to improve business critical processes,” says Jari Tavi, CTO of Basware Corporation.

According to the report, “one key differentiator for Basware is its commitment to interoperability with other supplier networks to deliver a wider supplier base to its buyer clientele”. The report notes that Basware “continues to enhance its EIPP product innovation while expanding into new areas. It has developed a strong eProcurement product for those companies wanting to go beyond I2P to full procure-to-pay”. The report also highlights that “Basware has expanded beyond its Scandinavian base to win key accounts in the rest of Europe and the US”.

“Most recently we have extended our procurement portfolio to sourcing and contract management. We are now able to offer a full end-to-end solution that is unique in the purchase to pay arena,” concludes Tavi.

The Basware Enterprise Purchase to Pay solution suite includes solutions for Invoice Automation, Procurement and supplier integration. The Forrester report highlights the business value of deploying an AP-EIPP solution: “The value proposition is compelling – the best AP-EIPP products deliver operational savings, error reduction, and higher early-payment discounts. The clear, demonstrable benefits and the large, available market – enterprises lacking effective solutions – are driving rapid market growth of 33% per year.”