LONDON, March 4, 2015 /PRNewswire/ --
More businesses will soon have
option to take Tungsten Early Payment
Tungsten Bank plc, a subsidiary of Tungsten Corporation plc, the
global e-Invoicing, invoice finance and analytics company, can now
provide banking services in Germany, France and Italy.
The UK's Prudential Regulation Authority (PRA) has notified
banking regulators in these markets that Tungsten Bank is now
authorised to provide services in their jurisdictions. This
authorisation will enable Tungsten to offer invoice financing to
eligible European businesses who invoice their customers over
Tungsten's e-Invoicing network.
To date, Tungsten Early Payment has been offered to companies in
the UK and the US and Tungsten is now preparing its invoice
financing solution for these mainland European markets.
"The payment practices of large corporations and the reluctance
of established banks to lend to SMEs often creates working capital
constraints for many businesses around the world," said
Edmund Truell, Tungsten Group CEO.
"Tungsten Early Payment, offered through Tungsten Bank, was
explicitly designed to service SMEs and allow them to simply and
swiftly maximise their cash flow - all at the click of a
button.
"Tungsten operates in a heavily regulated landscape, and one of
the key reasons we acquired Tungsten Bank was to ensure we obtain
approval to offer invoice financing in multiple territories around
the world. We have invested in establishing financing structures in
new geographies through Tungsten Bank, while maintaining our
governance standards to meet and exceed current and potential
future regulatory requirements.
"We are now working to put the mechanics in place to shortly
begin offering Tungsten Early Payment to customers in France, Germany and Italy, and are making good progress in
securing approval to operate in other territories," said
Truell.
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 acquired DocuSphere, a provider of accounts
payable automation solutions, in September
2014.
Contact: James Culverhouse,
Equus, +44-020-7223-1100, james.culverhouse@equusgroup.co.uk.