ING Commercial Banking will offer automatic invoice payments through a platform based on Mastercard’s global payment network, developed by IT software company Basware.
In a release the bank said this would 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. ING quoted research from Billentis and the European E-Invoicing Service Providers Association (EESPA) wher the global market growth of e-invoicing is estimated to be approximately 20% globally and upwards of 40% in the most mature markets.
Mark Buitenhek, ING commercial banking global head of transaction services said: "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," said Buitenhek.