Basware payments automation solution, NetworkPay has officially launched in North America to enable quick payments to suppliers after invoice approval.

Basware NetworkPay simplifies payments and boosts cash flow for suppliers as well as buyers, who also get extended payment terms.

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The integrated solution is intended to provide an alternative to paper-based payment processes.  Those are characterised by long cycles, lead to lost discounts, require high processing costs and affect supplier relations.

Basware says that the new service saves time, minimises costs and enhances visibility over the entire spend.

Basware senior vice-president of North America Eric Wilson said: “For clients seeking full automation, and the efficiencies that 100% automation translates into, this new product completes the purchase-to-pay equation.”

Organisations can use NetworkPay to make cheque virtual card, ACH and wire payments from a single application. This avoids manual payment operations and avails any early payment discount offers from suppliers.

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For suppliers, the basware payments automation solution will enable them to get faster payments, decreased DSO and improved control over cash flows.

Basware vice-president of Purchase-to-Pay Sami Peltonen said: “NetworkPay allows clients to gain complete control over their payments processes while leveraging their existing ERPs.

“The launch of NetworkPay represents another example of how e-invoicing is evolving in North America from being a largely technical service focused on delivering process efficiencies to one that is able to deliver transformational commercial benefits to businesses.”