TIDMTUNG
RNS Number : 8442G
Tungsten Corporation PLC
09 March 2015
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN
NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF
THE RELEVANT LAWS OF SUCH JURISDICTION
For Immediate Release 09/03/15
Market update
Tungsten Bank launches deposit offering
London, 9 March 2015 - Tungsten Corporation plc (LSE:TUNG), the
global e-Invoicing, invoice finance and analytics company, today
announced the launch of Tungsten Bank's deposit offering. The
deposited monies will provide additional financing capability to
its Tungsten Early Payment invoice finance business.
Tungsten Bank is now offering cash-rich companies an opportunity
to place short-term deposits at competitive rates. As of today, it
is offering 1.5% p.a. gross interest on 35-day notice sterling
deposits and up to 1.85% p.a. on one year sterling deposits.
The proceeds will be used by Tungsten Bank to provide additional
invoice financing through its Tungsten Early Payment product.
Tungsten Early Payment enables businesses to maximise their cash
flow by taking early payment on selected invoices. Tungsten Bank
finances invoices sent over the Tungsten Network, whose customers
account for over 56% of the Fortune 500, as well as UK and US
government entities.
"Tungsten Bank is a challenger bank committed to meeting the
financial requirements of a wide range of businesses, and is
developing a series of deposit products to offer corporate
customers attractive rates of interest on their cash," said Edmund
Truell, Tungsten Group CEO.
"Tungsten remains committed to disrupting a financial market
that continues to neglect the needs of businesses."
To use Tungsten Early Payment, suppliers simply sign up with
Tungsten and then select approved invoices for early payment. It
operates in a transparent way with none of the fees and red tape
that characterise traditional alternatives. Tungsten Early Payment
has so far been offered to eligible businesses* in the UK and US,
and Tungsten has recently received authorisation to offer invoice
financing in Germany, France and Italy, with more territories
planned.
Eligible deposits with Tungsten Bank are protected up to a total
of GBP85,000 by the Financial Services Compensation Scheme, the
UK's deposit protection scheme. Any deposits held above the
GBP85,000 limit are not covered. Further information is available
at www.fscs.org.uk
* 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.
Enquiries:
Tungsten Corporation plc
Edmund Truell, Chief Executive Officer +44 20 3435 5680
Juliana Wheeler, Head of Global Communications +44 20 7280 7973
Charles Stanley Securities
(Nominated Adviser and Joint Broker)
Marc Milmo/Dugald Carlean +44 20 7149 6000
Canaccord Genuity Limited
(Joint Broker)
Simon Bridges/Peter Stewart/Cameron Duncan +44 20 7523 8000
Neustria Partners (Investors and Analysts)
Robert Bailhache/Nick Henderson/Charles Gorman +44 20 3021 2580
Equus Group (Media)
Piers Hooper/Sam Barton +44 20 7223 1100
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 joined forces with OB10 in 2013 to create
the world's largest electronic trading network; and acquired
DocuSphere in September 2014, a provider of accounts payable
automation solutions
Contact: Juliana Wheeler, Head of Global Communications, +44 20
7280 7973.
juliana.wheeler@tungsten-network.com
* Tungsten Bank is authorised by the Prudential Regulation
Authority and regulated by the Financial Conduct Authority and the
Prudential Regulation Authority. Tungsten Bank is registered on the
financial services register with firm reference number 139209.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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