What has Tungsten achieved since it bought OB10? Time for an update

Since Tungsten bought OB10, The Tungsten Corporation has worked hard to make changes in integrating its financing and analytics capabilities into the e-invoicing network; and in organising the combined Tungsten group to be capable of large-scale growth in financial supply chain finances.

Their focus on a purely digital approach means that Tungsten shall be shutting down the legacy interoperability arrangements that benefit its competitors more than they benefit Tungsten’s customers and which could introduce non-compliant invoices into the Tungsten network.

Achievements

Some of the achievements sofar is listed underneath:

• Tungsten spent the first five months as a public company clarifying its offer: Digital Invoicing is at the core of their Network. Momentum is strong, with the Company continuing to have a good pipeline of new potential clients and contracts.
• Tungsten adopted a more conservative accounting policy, spreading revenues over the life of the contract. While this measure will modestly constrain the reported network revenues compared to previous years, the value and volume of invoices processed in the current financial year is broadly in line with our original expectations.
• The emphasis on purely digital invoicing means that Tungsten can be more certain of tax, regulatory and buyer compliance, in contrast to other invoice processing networks.
• Tungsten’s compliance culture is a strong differentiator that is becoming more appreciated in a world of cybercrime.
• Tungsten is now fully compliant in 44 countries, having successfully launched in Turkey and Brazil in 2014.

Edmund Truell, Group CEO of Tungsten Corporation plc:

1. “The opportunity to create a disruptive global player is even greater than I first thought. We can realistically aim to create the leading global digital invoicing network, serving the world’s largest corporates and governments. Now that we are on the final straight to getting the Bank fully compliant and approved, Tungsten will start to offer suppliers access to trade and working finance on a transparent and simple to execute basis.”
2. “At every step we are doing our utmost to ensure a compliant and secure Network, working also with highly respected partners across the world. Tungsten Corporation thus aims to transform the global supply chain.”
3. “As Markus Homburg drives the rollout still further into major economies, so we will scale volumes rapidly, with our global multinational buyers inviting thousands more active suppliers to join the Tungsten Network. As an example, our long established customer GSK is now asking its Turkish suppliers to trade via the Tungsten Network, encouraged by Governmental requirements.”