Basware advances Invoice Lifecycle Management with AI-driven automation, accelerating processing times and maximizing ROI for finance leaders
CHARLOTTE, N.C., Feb. 12, 2025 /PRNewswire/ -- Basware, the global leader in invoice automation, celebrates its 40th anniversary, having processed more than two billion invoices to date. Basware has handled $10.1 trillion in business spend - more value than the combined economic output of the UK, Japan and Australia. This milestone reinforces the company's commitment to Invoice Lifecycle Management, driving efficiency and compliance for businesses worldwide.
In 2024, Basware achieved several key milestones:
- Processed more than 2 billion invoices, with over 230 million overseen through Invoice Lifecycle Management over the past 12 months
- Bolstered compliance expertise with Head of Compliance hire
- Named a Leader in The Forrester Wave: Accounts Payable Invoice Automation, Q3 2024
- Delivered measurable ROI with AI for enterprise customers such as Billerud
The global AP automation market, valued at $3.41 billion, is projected to grow at a compound annual growth rate of 12.8% through 2030. Despite this growth, paper invoices still account for nearly half (49.7%) of invoices received by enterprises. Rising costs, lengthy processing times and human errors continue to drive demand for electronic invoicing and invoice automation solutions.
Compliance, in particular, is an ongoing concern for finance leaders, with 28% of CFOs naming it their biggest barrier. The cost of non-compliance can result in hefty fines, legal inquiries and financial loss, with 68% of businesses reporting mistakes on more than 1% of their total invoice volume - errors that, when multiplied across millions or billions in spend, can lead to substantial financial damage.
To tackle the inefficiencies in managing thousands of invoices for each large enterprise, Basware has deepened its commitment to a partner-first strategy. By strengthening collaborations with key industry partners including KPMG, Deloitte and Accenture, Basware has accelerated innovation and expanded customer success in Invoice Lifecycle Management.
In 2024, Basware acquired AP Matching, bolstering statement matching capabilities to ensure the accuracy of financial records for customers and their suppliers. This facilitated the transition to broader automation across the AP function. Basware's solution consolidates the data capture process of invoices for customers, ensuring that regardless of how suppliers submit invoices, through PDF, email or paper, the output is electronic data from invoices. This reduces the complexities of ERP migrations and mitigates late payments by guaranteeing that payments are processed correctly.
Basware's growth continued in 2024, expanding its customer base to over 6,500 customers - including 1,100 AP customers - across 16 different countries, processing 11% (230 million) of its over 2 billion total invoices for customers in just one year.
Jason Kurtz, CEO of Basware commented: "40 years ago in Finland, Basware began with a simple purpose: to get control of the way businesses handle invoices. Today, we've processed over 2 billion invoices globally by that same purpose, and the best is yet to come."
"As we celebrate 40 years of innovation, we are more committed than ever to strengthening our relationships with partners and customers. They are at the heart of our business. In 2024, we listened closely, and this drove innovations like the CFO Cockpit and AP Protect to solve real world challenges around fraud and compliance. Using fraud protection tools like AP Protect, our customers save $1 million for every $1 billion spent, helping them safeguard their finances and reduce risk."
"Our vision centers on advancing Invoice Lifecycle Management, enhancing compliance capabilities, and expanding our global footprint, all while placing sustainability at the heart of our operations."
To further support this vision and drive continued innovation, Basware made several key hires including Markus Hornburg as Head of Global Compliance, Anssi Ruokonen as Director of AI Research, and Donna Wilczek who joined the Board of Directors to accelerate product innovation.
AI is still the catalyst
AI-powered automation continues to serve as a critical enabler for finance teams, with 75% of CFOs demanding greater investment in AI to focus more on strategic activities such as e-invoicing compliance and regulation with important mandates due over the next year.
The urgency of ROI has driven Basware's product strategy, launching a GenAI 'CFO Cockpit' as part of Basware Insights, transforming how finance teams analyze, manage and report on their AP processes. These services dovetail with bolstered compliance and fraud offerings with the launch of AP Protect in 2024.
Basware's AI innovations are delivering measurable results for customers. Billerud, a leading paper and packaging manufacturer reduced invoices requiring validation from 15% to 9%, with over 90% of their invoices now automatically validated.
Jesper Persson, Business Developer at Billerud, said: "Since day one, we've perceived the desired values from the project. The quality of invoices has improved considerably, and the AI continues to evolve and improve with each passing day. The efficiency gains we achieved translated directly into tangible cost savings, paving the way for a rapid return on investment within just a few months."
About Basware??????
Basware is how the world's best finance teams gain complete control of every invoice, every time. Our Intelligent Invoice Lifecycle Management Platform ensures end-to-end efficiency, compliance and control for all invoice transactions. Powered by the world's most sophisticated invoice-centric AI - trained on over 2 billion invoices - Basware's Intelligent Automation drives real ROI by transforming finance operations. We serve 6,500+ customers globally and are trusted by industry leaders including DHL, Heineken and Sony. Fueled by 40 years of specialized expertise with $10+ trillion in total spend handled, we are pioneering the next era of finance. With Basware, now it all just happens.?????
Notes to Editors
Key milestones for Basware in 2024:
- Named a Leader in The Forrester Wave: Accounts Payable Invoice Automation, Q3 2024
- Featured in the IDC MarketScape: Worldwide Accounts Payable Automation Software for Large Enterprises 2024
- Basware released its first-ever ESG report, and was awarded the Silver EcoVadis medal, reflecting its commitment to sustainability
- The company further cemented its thought leadership with influential studies like the AP Benchmark Report, the AP Protect survey, and the Forrester Total Economic Impact analysis.
- Maintained an ISO27001 certified Information Security Management System as part of commitment to continuous security control improvement. Extended to include the cloud security standards of ISO27017 and ISO27018 plus the existing 9001.
- Basware was also globally recognized with the "Great Place to Work" award in India, Romania, and the United States, highlighting its commitment to creating positive, high-trust workplace cultures.
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