Tungsten to help client improve processes, eliminate manual data entry, and reduce AP costs
Atlanta, 17 March 2015 – Tungsten Corporation plc (LSE:TUNG), the global electronic invoicing, analytics and invoice financing company, has been selected by Honda Logistics North America (HLNA) to automate its accounts payable (AP) processes.
HLNA will be using Tungsten’s All-in-One for JD Edwards Accounts Payable solution, which integrates with the JD Edwards accounting software that HLNA currently uses.
Following its acquisition of DocuSphere in 2014, Tungsten’s suite of services includes dedicated AP automation solutions tailored for Oracle E-Business Suite, SAP and JD Edwards ERP systems respectively. Tungsten’s complete AP solution can help clients reduce AP processing costs, improve accuracy, accelerate turnaround times, increase visibility, immediately record liabilities, and eliminate lost or missing invoices.
“I’m pleased to see this major subsidiary of Honda recognise the benefits of working with Tungsten on AP automation,” said Rick Hurwitz, Tungsten CEO (Americas). “HLNA currently processes 10,000 invoices per month and expects its volume to increase by 30% over the next three years. Automating its accounts payable processes will reduce overhead costs, increase efficiency – especially given the high number of invoices HLNA receives that do not have purchase orders – and eliminate the burden of manual data entry.
“HLNA was particularly impressed with Tungsten’s overall functionality and scalability, and our extensive JD Edwards experience. We look forward to helping it achieve its accounts payable goals.”
HLNA, a subsidiary of Honda Logistics Japan, holds majority interest in subsidiaries providing supply chain solutions for automotive OEMs and their suppliers in the North American/European operating region, including affiliated organisations in Canada and the United Kingdom.
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 business transaction network 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 74 percent of the FTSE 100 and 71 percent of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 48 countries, and last year processed transactions worth over £164bn for organisations such as Alliance Data, GlaxoSmithKline, Henkel, Kellogg’s, Mohawk Industries, Mondelēz International, Thermo Fisher 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[email protected].
* 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.