Tungsten Corporation PLC Launch of billing service for Accounts Receivable
10 July 2018 - 6:00PM
RNS Non-Regulatory
TIDMTUNG
Tungsten Corporation PLC
10 July 2018
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
For Immediate Release
10 July 2018
Tungsten Network launches billing service for Accounts
Receivable departments
New service will enable every member of Tungsten Network to send
digital, pdf, and paper outbound invoices to all of their customers
through a single service provider
Tungsten Network, the global digital automation platform, has
dramatically expanded the scope of its invoicing services with the
official launch of Tungsten Network e-billing. This new service
represents a logical step for Tungsten to better serve all the
members of its digital platform.
The new service will enable Accounts Receivable (AR) departments
worldwide to send 100% of their outbound invoices through a single
service provider, and have them delivered in the preferred format
of the recipient, regardless of whether their customers are
registered on Tungsten Network. It complements Tungsten Network's
e-invoicing solution, aimed at removing friction from Accounts
Payable (AP) processes, providing companies a unique opportunity to
digitally automate their accounting processes on both sides of the
ledger.
Tungsten Network e-billing customers will digitally send their
outbound invoice data to Tungsten Network via single connection.
Invoices are processed by Tungsten Network, validated in accordance
with global tax-compliance standards, and delivered both on- and
off-Network. Tungsten Network delivers the invoices in the
recipient's required format, whether digital, a PDF email
attachment, or via a printing and postal service, allowing Tungsten
Network customers to easily meet the diverse interoperability
requirements of connecting with their own customers. This will
dramatically increase invoice-processing efficiencies and drive
down the cost of getting paid for the goods and services they
provide.
Creating a more efficient AR process increases the control
Tungsten Network customers have over their working capital
position. In particular, it has a positive effect on days sales
outstanding (DSO), a financial ratio that illustrates how well a
company's accounts are managed.
Finance departments will also benefit from enhanced visibility
because they can have access to all of their digital invoice data
through a single portal. They also have the opportunity to magnify
the benefits they feel from being part of Tungsten Network through
its value-added products, like Tungsten Network's Analytics
solution.
Richard Hurwitz, Tungsten Network CEO, said: "Offering a
comprehensive billing service represents a strategic move to open
up Tungsten Network's technology to even more businesses. E-billing
customers send all invoices via the same connection and in the same
way, whether on- or off-Network. As part of our strategy to add
complementary adjacent services, we have now enhanced the value
proposition we offer to our customers by allowing both AP and AR
departments to take the lead in introducing digitisation and to get
better visibility on their finances. This also allows Tungsten
Network to initiate engagements with its customers from multiple
points."
A global leader in e-invoicing, Tungsten Network creates valid,
tax-compliant documents across 48 different countries. With all
invoices issued through a single solution across 192 countries,
Tungsten Network e-billing will also give businesses the ability to
ensure compliance while at the same time improving payment
processes.
The expansion builds on the value-added services already offered
by Tungsten Network, including access to Tungsten Network Finance.
As the platform sitting at the centre of GBP164bn worth of
transactions every year, Tungsten Network is able to turn this data
into actionable insight for its customers.
-ENDS-
Contact:
Tungsten Corporation plc +44 (0)20 7280 7983
Richard Hurwitz, Chief Executive
Officer
Daniel Brady, Global Communications
Manager
Speed Communications
George Beard +44 (0)7980 816170
Kerry Gould +44 (0)7872 811 735
tungsten@speedcomms.com
About Tungsten Network
Tungsten Corporation (LSE: TUNG) aims to be the world's most
trusted business transaction network by using data intelligently to
strengthen the global supply chain.
Tungsten Network is a secure digital automation platform that
brings businesses and their suppliers closer together with unique
technology that revolutionises invoice processing, maximises
efficiency and improves cash flow. Delivering trusted connections
and streamlined transactions, the network also provides users with
real-time spend analysis and offers suppliers access to invoice
financing through Tungsten Network Finance, a form of alternative
finance for businesses.
Tungsten Network processes invoices for 67 percent of the FTSE
100 and 72 percent of the Fortune 500. It enables suppliers to
submit tax compliant e-invoices in 48 countries, and last year
processed transactions worth over GBP155bn for organisations such
as Alliance Data, Cargill, Deutsche Lufthansa, General Motors,
GlaxoSmithKline, Mondelēz International, Henkel, IBM, Kellogg's and
the US Federal Government.
Trusted, passionate and proven, Tungsten is making the
digitisation of global commerce between buyers and suppliers
faster, easier and smarter.
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END
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