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 to achieving better profitability and working capital position. Regardless of their objectives, with Basware we can now help businesses take advantage of their excess cash 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.”