Tag Archives: Tungsten Network

PayStream Briefing: Tungsten Network’s Early Payment

A PayStream Partner, Tungsten Network, recently announced a very interesting new functionality tungwith their invoice financing services—they have extended it to include Tungsten Early Payment. This feature offers control to suppliers that is both simple and innovative, enabling them to determine when they receive invoice payments.

Tungsten Early Payment pays suppliers for invoices when they need it most. With this solution, suppliers can select the invoice and payment date that suits their working capital needs, and Tungsten will pay the invoice amount, minus a discount charge. This is designed to be an alternative to traditional forms of bank finance, and its focus is on low costs and ease of use.

PayStream recognizes this solution as one more in a long string of dynamic offerings that have recently emerged on the financial automation market. These offerings share the same focus towards improving buyer and supplier control, prioritizing and optimizing approvals, and building the health of the supply chain.

images-3Working capital optimization and Supply Chain Financing (SCF) have been especially important in our recent research. As we prepared for our 2014 Global eInvoicing report, we found that the development of SCF options is increasing around the world, and that the availability of these features in conjunction with eInvoicing networks is largely motivating global eInvoicing adoption. One particularly interesting initiative was seen from GT Nexus, IFC, and Levi Strauss & Co (LS&Co)—these companies have partnered to create a new supply chain finance program, the Global Trade Supplier Finance initiative. This program provides financial incentives for garment suppliers in developing countries, and ultimately works to upgrade environmental, health and safety, and labor standards.

Like GT Nexus, IFC, and LS&Co, Tungsten Network is also known for their focus on improving environmental conditions along with their financing options. This year, they were once again recognized for their operations’ environmental best practices with their eighth Green Apple Award. This is no surprise, as Tungsten reports they have to date saved more than 203 million sheets of paper, or 24,375 trees, as well as 5.8 million kilowatts of energy – enough to run the average home for 717 years.

Tungsten Early Payment is now live in the UK and US. We are excited to watch the success of their2000px-Location_North_America.svg initiative, and to see how working capital enhancements continue to increase in the months and years to come. For more information on SCF and eInvoicing initiatives around the world, be sure to attend our free upcoming webinar on Global eInvoicing.

Tungsten Network Acquires DocuSphere

A leading global eInvoicing service provider, Tungsten Network, has recently announced the completed tungacquisition of one of PayStream’s own partners, DocuSphere. This dynamic move will significantly expand Tungsten’s invoice-automation technologies, and it has the potential to propel the company forward within the financial software market. With this acquisition, Tungsten users will now have more streamlined accounts payable functions, consistent adherence to tax and regulatory compliance, and greater transparency into the entire invoice-to-pay process.

Docusphere_Logo_2014_Tungsten-e1412273194513Founded in 1993, DocuSphere provides a robust set of AP solutions that have a wide range of integration abilities, including with SAP, JD Edwards, and Oracle E-Business Suite. The DocuSphere All-in-One for Accounts Payable solution suite leverages ERP data, security model, and business rules in real-time without the need for one-off integration or offloading of ERP data into a separate system. According to Rick Hurwitz, CEO of Tungsten, Americas, the combination of DocuSphere’s complementary skills and technology will strengthen the Tungsten Network.

“As a result of this acquisition,” said Mr. Hurwitz, “DocuSphere customers will gain access to Tungsten’s eInvoicing network, Tungsten’s existing clients will benefit from an even more secure, smart and fast e-Invoicing solution, and all customers will enjoy greater flexibility while joining a wider community of blue-chip multinational organizations.”

Combining Tungsten’s global supplier portal and eInvoicing services with DocuSphere’s workflow and connectivity solutions will also bring reductions in invoice exceptions and increase straight-through processing for users. Apparently, the acquisition has also been a straight-through process so far. Bradley White, President of DocuSphere, has said the integration of products and people is moving smoothly, partly thanks to the experience they gained working together on a previous joint account.

PayStream hopes that things continue to move smoothly for Tungsten Corporation’s newest company. For more information on DocuSphere’s advanced AP solutions and how they will be enhanced by Tungsten’s offerings, look out for their solution profile featured in the upcoming Q4 report, P2P Automation Solutions for SAP.

Tungsten Network: Compliant and Confident

Tungsten Network, the global eInvoicing system built on OB10, is now working with Caterpillar, the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. With this contrhttp://www.tungsten-network.com/media/12786049/header_logo.pngact, Tungsten will provide eInvoicing to Caterpillar’s suppliers across the UK and Poland.

Edmund Truell, Group CEO at Tungsten Corporation, said, “We are delighted to welcome Caterpillar to Tungsten Network. This is yet another milestone as we realize our vision to create the world’s largest electronic trading network.”

They are certainly on their way to becoming one of the world’s largest networks considering their recent global movements. In early June, Tungsten was accredited as a supplier on the UK Government Crown Commercial Service, G-Cloud 5 Framework. This service will be used by UK public-sector bodies, and Tungsten believes their involvement in this collaborative agreement will be beneficial in strengthening their operations and relationship with the public sector.

Tungsten is also cementing their business relationships in Southwest Asia as the result of in-depth research and technical development. They became eInvoice compliant in Saudi Arabia earlier this month, enabling customers straight-through processing of domestic and offshore electronic invoices with adherence to commercial laws and qualifications. Shortly following this movement, Tungsten also became compliant within the United Arab Emirates (UAE), one of the Middle East’s largest economies and an important global business hub.

“Tungsten Network is continuing its multi-million pound investment programme to help our buyer and supplier customers achieve global compliance across their invoice-automation programmes,” says Edmund Truell. “A number of our major clients have identified the UAE as a key market, and we’re delighted to deliver this important territory to them as we help them trade with confidence.”

Many other countries can also trade with confidence using the Tungsten Network—the UAE is their 46th compliant country. This impressive number does not surprise PayStream Advisors. We believe that Tungsten will only continue to expand as it offers customers around the world the reassurance of a compliant and efficient eInvoicing system.
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