LONDON, May 6, 2014 /PRNewswire/ --
Integration of global e-Invoicing network complete; Analytics and Finance start live operations
Tungsten Corporation plc (LSE:TUNG) is delighted to announce that OB10, the global e-Invoicing network it acquired in October 2013, has completed its transition and integration, and will now function as Tungsten Network.
The reorganised Tungsten Network last week:
Agreed with an existing customer, a major IT multinational, to convert some $20bn of annual paper transactions to true electronic invoices
Agreed to install the Invoice Status Service to over $33bn of invoices (to give suppliers visibility of the status of their invoices)
Signed a record level of revenues from suppliers
The combination of Tungsten's core business areas offers an unrivalled proposition: Tungsten Network connects supply chains and enables predictable payment through compliant e-Invoicing. Tungsten Network Analytics gives Procurement teams line-level insight into their spend data in real time. Tungsten Network Finance supports business growth by giving suppliers easy access to flexible supply chain financing through dedicated funds.
Tungsten Network Analytics is now fully compliant with US federal requirements and last week connected its first customer.
Tungsten Network Finance announced last week that it has successfully started discounting invoices, with the permission of FIBI (Bank) plc and the Financial Conduct Authority.
Edmund Truell, Group CEO, Tungsten Corporation plc, said, "The transition of OB10 into Tungsten Network underlines the central role e-invoicing plays for our customers and our business. The reorganisation is bearing fruit, with the first of our customers agreeing to be serviced globally on an enormous scale. The months of preparatory work are paying off, now we are starting to use the exceptionally promising analytics tool to support decisions in real time; and have started financing invoices."
To complement the integration, Tungsten Network's UK operations are relocating to headquarters at Pountney Hill House, Laurence Pountney Hill, London, EC4R 0BL, from 12 May.
About Tungsten Network
Tungsten Network, built on OB10 e-Invoicing, is the global trading network at the core of Tungsten Corporation plc (LSE:TUNG). It simplifies and streamlines the complex invoice-to-pay process to enable prompt payment.
Fully compliant in 44 countries across Europe, the Americas and Asia, Tungsten Network can reduce invoice-processing costs by 60% and deliver an ROI in less than a year.
Tungsten Network connects many of the world's largest companies and government agencies to their thousands of suppliers around the globe. It processed transactions worth over $185 billion last year for organizations such as Alliance Data, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, IBM, Kellogg's, the US Federal Government and Whirlpool.
Tungsten is helping governments make their economies more efficient, manage working capital and streamline the public sector. Moreover, e-Invoicing enhances tax compliance and helps fight fraud.
Tungsten offers supply chain financing to suppliers on the Tungsten Network; and can help organisations profit by applying innovative, real time spend analytics to its vast repository of invoice data.
Contact: Sandra Higgison, Head of Global Communications, +44-20-7406-5772, firstname.lastname@example.org.
SOURCE Tungsten Network