Tungsten Corporation PLC Tungsten Network to add $20bn of e-Invoices (2996G)
May 06 2014 - 1:03AM
UK Regulatory
TIDMTUNG
RNS Number : 2996G
Tungsten Corporation PLC
06 May 2014
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For Immediate Release 6 May, 2014
MARKET UPDATE
Tungsten Network to add $20bn of e-Invoices
Integration of global e-Invoicing network complete; Analytics
and Finance start live operations
London, 6 May - 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:
Tungsten Corporation plc
Edmund Truell, Chief Executive Officer, +44 20 3435 5680
Sandra Higgison, Head of Global Communications, +44 20 7406
5772, sandra.higgison@tungsten-network.com
Equus Group (Communications)
Piers Hooper / Sam Barton +44 20 7223 1100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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