UK public sector maintains its easy access to the benefits of e-Invoicing and spend analytics
London, 18 March 2015 – Tungsten Corporation (LSE:TUNG), the global e-Invoicing, spend analytics and invoice financing company, is delighted to announce that Tungsten Network, the world’s largest compliant e-Invoicing network, has been awarded a place as a supplier on the UK Government’s G-Cloud 6 Framework. This means that Tungsten Network’s e-Invoicing and analytics services can be purchased by public sector agencies through the government’s Digital Marketplace, an online store where suppliers offer their services to the public sector via the G-Cloud framework.
G-Cloud 6 is a pan government collaborative framework agreement for use by UK public-sector bodies. It is managed by the Crown Commercial Service, and includes central government departments and related bodies and agencies, non-departmental public bodies, NHS trusts and local authorities.
This follows Tungsten Network’s earlier placement on G-Cloud 5, a prior iteration of the framework, and is the latest step in Tungsten’s public sector activities. The G-Cloud and associated Digital Marketplace simplifies the need for the public sector to tender competitively for the services covered by the framework. The UK has some of the highest costs for public sector tender processes in Europe, often costing over £45,000 per process.
Edmund Truell, Group CEO, Tungsten Corporation, said, “G-Cloud 6 is an important development in public sector procurement. We are looking forward to working closely with public sector bodies that can now easily access Tungsten’s e-Invoicing and analytics services.”
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, +44 020 7223 1100, [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.