5 December, 2017: Tungsten Network will collaborate with BNP Paribas to offer e-invoicing linked Receivables Purchase and e-invoicing linked Supply Chain Finance (e-SCF) to large corporates in the USA and Canada.
Through this collaboration, BNP Paribas and Tungsten Network will have the opportunity to use their combined strengths to originate and leverage innovation in the FinTech space. This means that large corporates will now be able to receive an alternative working capital solution through the same technology provider they use for e-invoicing and accounts receivable activities.
Prabhat Vira, President, Tungsten Network Finance, said: “This is a breakthrough for the industry. By linking e-invoicing with supply chain and receivables purchase, we are in a position to offer a one-stop solution that brings together process efficiency and working capital optimization.
“We are excited to be working with BNP Paribas, a hugely successful, global Trade Finance bank and are pleased to say that we already have e-invoicing linked Receivables Purchase transactions under execution.”
Rolando Perez-Elorza, Head of Global Trade Solutions, Americas, BNP Paribas states: “We appreciate the value of collaborating with technology procure-to-pay providers like Tungsten Network to collectively build solutions that are meaningful for clients and leverage the capabilities and expertise of all parties.”
Prabhat Vira continues: “We are pleased to be at the vanguard of what looks like a broader industry trend that is bringing fintechs and banks together to drive innovation and offer value-added alternatives to customers. This collaboration supports Tungsten Network’s strategy of offering greater value to all customers transacting on the network.”
Lizy Kidwell 0117 906 4571 / 07527 331796
Harriet Holbrook 0117 906 4017 / 07767 883923
About Tungsten Network
Our vision is 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 e-invoicing, purchase order services and workflow platform that brings businesses and their Suppliers closer together with unique technology that revolutionises invoice processing, maximises efficiency and improves cash flow management. 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 70% of the FTSE 100 and 72% of the Fortune 500. It enables Suppliers to submit tax compliant e-invoices in 48 countries, and last year processed transactions worth over £133bn 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.