Every now and then OB10 Tungsten provides us with an update on their transition from an e-invoicing service provider to a supply chain finance provider. As as a supply chain finance provider the e-invoice is just a means (though a very important one) to provide the valuable services in the near future.
Underneath you find the recent developments:
- Integrating the e-invoicing network to financial supply chain services
The financing and analytics capabilities are integrated into the e-Invoicing network. The necessary systems are now fully tested and ready to connect our Tungsten Network to Tungsten Bank. Also the Tungsten Network is able to connect with third party finance providers.
. - Dynamic invoicing discounting: the first discount has been successfully processed
Tungsten has started with invoice discounting activity. Selected UK suppliers have been invited to discount invoices over the Tungsten Network, with the first discount having been successfully processed last week.
. - Partnerships and new customers
Eight of the top ten global Business Process Outsourcers agreed to actively promote Tungsten to their major customers. The Tungsten Network continues to add major buyers, for example in the healthcare area, and the US Department of Veterans Affairs is rolling out Tungsten, having declared to its suppliers the mandatory use of the Tungsten Network.
. - Changes in staffing
Luke McKeever, former CEO of OB10, is leaving the group; his managerial responsibilities have been assumed by Edi Truell and Lincoln Jopp. Therefores Lincoln Jopp will join the Board as Group Chief Operating Officer. Charles Bryant, Co-Chairman of the European E-invoicing Service Providers Association (EESPA), remains to lead Tungsten Thought Leadership efforts EU e-invoicing developments. Finally, the buyer-facing ‘rainmaker’ roles are being fulfilled by John Hall and Ruud van Hilten in EMEA; and by Rick Hurwitz, Peter Schiff Smith and Paul Frederick in the US.
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