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.