LONDON, June 4, 2014 /PRNewswire/ --
Tungsten Network accredited as a
supplier on the UK government's G-Cloud 5 Framework
Tungsten Corporation plc (LSE:TUNG) is delighted to announce
that Tungsten Network, the global e-Invoicing network built on
OB10, has been accredited as a supplier of the UK Government Crown
Commercial Service, G-Cloud 5 Framework.
Managed by the Crown Commercial Service, this is a pan
government collaborative framework agreement for use by UK
public-sector bodies, including central government departments and
their arm's length bodies and agencies, non-departmental public
bodies, NHS bodies and local authorities.
Tungsten Network sees this development as a major step in
cementing its relations with the public sector and strengthening
its operations. Accreditation will help to accelerate business
development as public-sector bodies benefit from pre-negotiated
terms and fixed prices. It also eliminates the need for the public
sector to tender competitively for the services covered by the
framework, which in the UK can cost over £45,000 per process, the
highest in Europe.
Edmund Truell, Group CEO,
Tungsten Corporation said, "We are delighted to be part of the
G-Cloud 5 framework. This is another key development for Tungsten
Network as we expand our customer base, and bring the value of
electronic invoicing to governments and their citizens around the
world."
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, built on OB10
e-Invoicing, 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 to suppliers and helps buying organisations profit by
applying real-time spend analytics to its vast repository of
line-level invoice data.
Tungsten connects the world's largest companies and government
agencies to their thousands of suppliers around the globe. It is
compliant in 44 countries, and processes transactions worth over
$180 billion per year for
organisations such as Alliance Data, Aviva, Cargill, Deutsche
Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's,
and US Federal Government.
Tungsten Corporation joined forces with OB10 in 2013 to create
the world's largest electronic trading network.