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Fintech, DeFi, Blockchain, Web3 Daily News by Finyear

ING Commercial Banking to provide automatic invoice payment solution

To support companies with further optimising their purchase to pay (P2P) process and their working capital management, ING, a global financial institution of Dutch origin, will start to offer an automated invoice payment solution that can be easily added to the existing P2P workflow. This solution will address buyers’ payment challenges ranging from funding, to forecasting short term cash flow, as well as managing their suppliers with respect to payment.


The introduction of the new e-payment solution comes at a time that many companies are moving to e-invoicing and automating their procurement processes. E-invoicing is reaching critical mass. According to the latest industry research, the global market growth of e-invoicing is estimated to be approximately 20 percent globally and upwards of 40 percent in the most mature markets (Billentis 2014 & EESPA 2014).
The e-payment solution makes early payment to suppliers easier while leading to direct cost savings for buyers. An initial estimate shows that buyers could save up to 1% of their indirect spend while suppliers’ liquidity improves as they are paid within 3-5 working days.

The service will be provided in cooperation with Basware, and is based on MasterCard’s global payment network.
Mark Buitenhek, ING Commercial Banking Global Head of Transaction Services comments: “Extending the benefits of electronic invoicing to include payment is an integral part of our strategy of taking advantage of innovation in order to serve the changing needs of our customers. Electronic financial services and e-payments improve financial processes overall, increase visibility and improve cash flow for our customers and is relevant for companies of all sizes. We are pleased to link our purchase control platform to the Basware Commerce Network as it supports our objective of delivering a comprehensive integrated solution encompassing the entire financial supply chain.”

Ad van der Poel, SVP, Financing Services at Basware says: “We are excited to be working with ING, one of the globally leading financial institutions, as our first partner to offer Basware Pay to customers worldwide. The solution connects buyer and supplier purchasing and invoicing processes via the open Basware Commerce Network. With the solution, buyers enjoy easy access to funding for early payment, while suppliers can choose to get paid faster with greater certainty and less hassle. Both parties benefit also from richer settlement data and full process and payment visibility.”

ING is a global financial institution of Dutch origin offering banking services through its operating company ING Bank and holding significant stakes in the listed insurers NN Group NV and Voya Financial, Inc. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank’s 53,000 employees offer retail and commercial banking services to customers in over 40 countries.
ING Group shares are listed (in the form of depositary receipts) on the exchanges of Amsterdam (INGA NA, ING.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).
Sustainability forms an integral part of ING’s corporate strategy, which is evidenced by ING Group shares being included in the FTSE4Good index and in the Dow Jones Sustainability Index (Europe and World) where ING is the industry leader in the diversified financials group.

About Basware
Basware is the global leader in providing purchase-to-pay and e-invoicing solutions in the world of commerce. We empower companies to unlock value across their financial operations by simplifying and streamlining key financial processes. Our Basware Commerce Network, the largest open business network in the world, connects 1 million companies across 100 countries and enables easy collaboration between buyers and suppliers of all sizes. Through this network, leading companies around the world achieve new levels of spend control, efficiency and closer relations with their suppliers. With Basware, businesses can introduce completely new ways of buying and selling to achieve significant cost savings and boost their cash flow.
basware.com

About MasterCard
MasterCard (NYSE: MA), mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone.

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Jeudi 5 Mars 2015




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