Basware, an electronic invoicing and source-to-pay company, has introduced a framework agreement functionality into its Marketplace procurement technology. A framework agreement enables business sourcing products to initiate a mini competition for catalogue items between a pre-defined set of registered and contracted suppliers, so that they may obtain the most favourable pricing and terms.
With the introduction of a framework agreement, Basware says that its customers have access to more comprehensive operational sourcing options in Marketplace. A framework agreement is a contract with multiple suppliers who have been pre-approved by the buying organisation to supply goods or services. The framework may, optionally, be split into multiple lots that are more specific to the products supplied.
Basware first integrated B2B payments capabilities into its platform last year to streamline the invoice-to-pay process.