LONDON, January 30, 2015 /PRNewswire/ --
Invoice finance
can help SMEs get paid before invoice payment due dates
Tungsten Corporation is helping to finance UK companies by
providing them with access to cash. Tungsten Bank, the invoice
financing arm of Tungsten Corporation, has offered early payment*
on approved invoices to over 21,000 UK companies on Tungsten's
electronic invoicing network.
Tungsten Early Payment is an accelerated invoice payment
solution which enables suppliers to take Early Payment on approved
invoices. They submit invoices to their customers over the Tungsten
Network, view the status of their invoices on the Tungsten Network
Portal, and can select eligible invoices for Early Payment.
"Many SMEs are facing serious cash flow problems as some of
their customers elect to manage their own working capital by
extending invoice payment dates," said Edmund Truell, Tungsten Group CEO. "An increase
in late payment practices, and often difficult access to affordable
and flexible finance, has created an untenable situation for many
UK businesses. The Bank of England's 'Trends in Lending' quarterly data
(220115) has once again shown no net growth in SME lending."
* Tungsten Early Payment is subject to eligibility and standard
terms and conditions. Tungsten Network Finance Limited reserves the
right to make a final determination as to whether or not you are
eligible for Tungsten Early Payment. Tungsten Early Payment may not
be available in certain jurisdictions.
About Tungsten Corporation plc
Tungsten Corporation (LSE: TUNG) accelerates global trade by
enabling customers to streamline invoice processing, improve
cash-flow management and make better buying decisions from their
detailed spend data.
Buyer organisations that join Tungsten Network, the world's
largest compliant electronic invoice network, can reduce their
invoice-processing costs by 60%. Suppliers benefit from
efficiencies, greater visibility of their invoice status and peace
of mind. Tungsten offers supply chain financing through Tungsten
Bank; and helps buying organisations profit by applying real-time
spend analytics to its vast repository of line-level invoice
data.
Tungsten serves 56% of the Fortune 500 and 67% of the FTSE 100
by connecting the world's largest companies and government agencies
to their thousands of suppliers around the globe. It enables
suppliers to submit tax compliant e-Invoices in 47 countries, and
last year processed transactions worth over $187bn for organisations such as Alliance Data,
Aviva, Cargill, Deutsche Lufthansa, General Motors,
GlaxoSmithKline, Henkel, IBM, Kellogg's, and the US Federal
Government.
Tungsten Corporation acquired DocuSphere, a provider of accounts
payable automation solutions, in September
2014.
Contact: Juliana Wheeler,
Tungsten, +44(0)207-280-7973,
juliana.wheeler@tungsten-network.com
SOURCE Tungsten Corporation plc