COPENHAGEN – Nordea will partner with Finnish company Basware, a global leader in networked purchase-to-pay solutions, to provide a dynamic discounting solution to customers across the Nordics.
Dynamic discounting allows businesses to improve their bottom line by letting them pay suppliers faster and receive a discount for early payment.
The newly agreed partnership means Nordea and Basware will jointly offer a dynamic discounting solution to Nordea’s corporate customers, while Basware will deliver the solution integrated into the customers’ Purchase-to-Pay (P2P) or customer’s Enterprise Resource Planning (ERP) solutions. The agreement further enhances Nordea’s position as a leading working capital service provider, with a focus on helping customers maximise their efficiencies in this area, and Basware’s place as a leading provider of financing technology solutions.
Patrik Zekkar, Global Head of Trade & Working Capital Management Sales at Nordea commented: “Managing working capital should be a clear priority for all organisations. Many businesses have a strong cash position – and effective cash management can help support these businesses/companies to achieving better profitability and reach their business and operational targets. Regardless of their objectives, with Basware we can now help businesses take advantage of their excess cash to support the supplier relationships and gain a better return on invested capital. Dynamic discounting also supports the cash flow of the suppliers. Basware is a recognised leader in financial technology solutions, and we are excited to provide a dynamic discounting offering to our customers together with them.”
Vesa Tykkyläinen, CEO of Basware also commented on the deal: “Nordea is a strategic partner for us as we further establish our financing services offering to businesses in the Nordic region. Through this partnership, Nordea can take advantage of our expertise in purchase-to-pay process, and build new exciting cloud-based value-added services into their trade financing portfolio. Basware sees that this partnership can substantially accelerate the adoption of financing services in the Nordics, including dynamic discounting. By combining subject-matter expertise of working capital management and new digital financing services, Basware and Nordea can together provide flexible options for buyers to optimise cash at hand while giving suppliers the opportunity to get paid early.”
For further information please contact Patrik Zekkar, email@example.com, +46 101570751
Basware is the global leader in networked purchase-to-pay solutions, including e-invoicing and financing services. Basware's commerce network connects businesses in over 100 countries and territories around the globe. As the largest open business network in the world, Basware provides scale and reach for organizations of all sizes, enabling them to grow their business and unlock value across their operations by simplifying and streamlining financial processes. Small and large companies around the world achieve significant cost savings, more flexible payment terms, greater efficiencies and closer relationships with their suppliers. Read more: http://investors.basware.com/en
Nordea is among the ten largest universal banks in Europe in terms of total market capitalisation and has around 11 million customers, 31,000 employees and approximately 600 branch office locations. The Nordea share is listed on the Nasdaq Stockholm, Nasdaq Helsinki and Nasdaq Copenhagen exchanges. Nordea has a broad expertise across a wide range of products, services and solutions across banking, asset management and insurance. Nordea is focussed on building trusted relationships through our strong engagement with both customers and society.
Read more Cash Management news
A new and enhanced Nordea Connect website has now been launched to improve the user experience, provide clear messaging and inspire visitors to sign up for t...
Awards and organisational news
Nordea’s Head of Transaction Banking, Erik Zingmark, has been invited to join BAFT’s Transaction Banking Global Leaders Council.
Awards and organisational news
Nordea was once again the standout Nordic bank at this year’s ‘World’s Best Treasury & Cash Management Banks and Providers’ awards organised by Global Financ...
Insights and knowledge sharing
We’re excited to announce the release of our new Treasury KPIs Report—which paints a mixed picture: while we see some positive shifts, treasuries are in urge...
Conferences and events
This year Nordea will again be participating in the annual Sibos Conference organised by SWIFT (the Society for Worldwide Interbank Financial Telecommunicati...