Basware Sets Record Pace in Use of SmartCoding

Customers Embrace AI with 234% Increase Over 6 Month Period

ESPOO, Finland–(BUSINESS WIRE)–Basware
(Nasdaq: BAS1V), the global leader in networked source-to-pay solutions,
e-invoicing and innovative financing services, recently released user
data showing how well its customers have adapted to using SmartCoding
technology, an AI-assisted aspect of the Basware product.

In the recent 6-month period, more than 180 Basware customers have used
SmartCoding automated templates to efficiently process over 80,000
invoices, which indicate how much value customers find in it.

Smart coding helps customers automate their invoice processing of non-PO
invoices, going a step further towards touchless invoice handling. With
smart coding, invoices that are not automated by purchase order
matching, payment plans (schedule, budget or self-billing), or automatic
coding templates can now be automatically coded with minimal human
interaction. In addition, SmartCoding automatic coding templates can now
be set to utilize the full invoice data set, both invoice header and
invoice line, to define the detailed invoice coding.

“Many P2P systems promise to convert PDF images to data automatically
but, to date, only Basware has this ability,” said Mikko Pilkama, SVP
Products, Basware. “Scrape or Smash solutions in the marketplace today
still require the buyer to manage mapping tasks or demand ‘buyer
validated’ compliance, calling into question the ability to create
required tax artifacts. These solutions can hardly be considered as
automated.”

Using a new state-of-the-art machine learning algorithm, smart coding
technology automatically searches and analyzes historical data and
invoice coding templates to recommend the proper general ledger coding
of non-PO invoices. These invoices would otherwise get trapped in a
time-consuming, manual workflow.

By leveraging and learning from company financial data, the SmartCoding
technology is able to continuously improve the accuracy of its
recommendations – increasing efficiency, productivity and accuracy of
invoice handling.

About Basware:

Basware offers the largest open business network in the world and is the
global leader in providing networked purchase-to-pay solutions,
e-invoicing and innovative financing services. Our technology empowers
organizations with 100% spend visibility by enabling the capture of all
financial data across procurement, finance, accounts payable and
accounts receivable functions. Basware is a global company doing
business in more than 100 countries and is traded on the Helsinki
exchange (BAS1V: HE).

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More information about Basware is available at www.basware.com.

Contacts

Jeanne Bernish, 980-318-5417
press@basware.com

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