Tungsten Network launches new payment receipt solution for Mexico
(2018) Tungsten Network launches new payment receipt solution for Mexico
The new offering from Tungsten Network allows its Mexican customers to comply with the government’s new fiscal regulation mandate
London, 30 August 2018 Tungsten Network, a global business transaction network, has expanded its service offering in Mexico to include processing and delivery of payment receipts.
Mexico is the world’s first mandatory e-invoicing market, having instituted a mandate in 2011 for all B2B and B2G transactions in the country in a bid to reduce inefficiencies and combat fraud. All invoices raised in Mexico must be filed digitally in a pre-specified format called a ‘Comprobante Fiscal Digital por Internet” (CFDI).
The Mexican government has since mandated that from 1 September 2018, for each invoice where payment has not been received at or prior to the point of issue, a payment receipt document is required.
Tungsten Network customers in Mexico can now submit payment receipts in the required CFDI format. Tungsten Network validates the document, matching it against the invoices previously issued by the customer, and delivers the result to the recipient. Payment receipt CFDIs are archived compliantly, with the entire process taking place within the Tungsten Network portal.
Rick Hurwitz, Tungsten Network’s CEO, commented: “Tungsten Network is committed to providing a frictionless invoicing process to our customers, wherever they are in the world. With more and more governments around the world mandating B2B and B2G e-invoicing processes, and compliance regulations becoming increasingly complex, it is more important than ever that Tungsten Network continues to review and expand the services we offer to our customers.”
George Beard +44 (0)7980 816170
Kerry Gould +44 (0)7872 811 735
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, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Mondelēz International, Henkel, IBM, Kellogg’s and the US Federal Government.