LONDON, March 9, 2015 /PRNewswire/ --
Deposits will provide additional
funding for Tungsten Early Payment invoice financing
Tungsten Corporation plc, 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 £85,000 by the Financial Services Compensation Scheme, the UK's
deposit protection scheme. Any deposits held above the £85,000
limit are not covered. Further information is available at
http://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.
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 invoicing 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: James Culverhouse,
Equus, +44(0)20-7223-1100, james.culverhouse@equusgroup.co.uk.
* 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.
SOURCE Tungsten Corporation plc