Tungsten authorised for supply chain finance in Germany, France and Italy

Tungsten authorised for supply chain finance in Germany, France and Italy

March 5, 2015  |  Adoption, Europe, Supply Chain Finance

You have the Tungsten Corporation group which is the global e-Invoicing, invoice finance and analytics company. A subsidiary is the Tungsten Bank. And Tungsten Bank can now provide banking services in Germany, France and Italy.

The UK’s Prudential Regulation Authority (PRA) has notified banking regulators in Germany, France and Italy that as far as they are concerned, Tungsten Bank is now authorised to provide services in their jurisdictions. This authorisation will enable Tungsten to offer invoice financing to eligible European businesses who invoice their customers over Tungsten’s e-Invoicing network.

Tungsten Early Payment

Tungsten Early Payment, offered through Tungsten Bank, was explicitly designed to service SMEs and allow them to simply and swiftly maximise their cash flow – all at the click of a button. To date, Tungsten Early Payment has been offered to companies in the UK and the US and Tungsten is now preparing its invoice financing solution for these mainland European markets.

Edmund Truell, Tungsten Group CEO:
“The payment practices of large corporations and the reluctance of established banks to lend to SMEs often creates working capital constraints for many businesses around the world.”

“Tungsten operates in a heavily regulated landscape, and one of the key reasons we acquired Tungsten Bank was to ensure we obtain approval to offer invoice financing in multiple territories around the world. We have invested in establishing financing structures in new geographies through Tungsten Bank, while maintaining our governance standards to meet and exceed current and potential future regulatory requirements.”

“We are now working to put the mechanics in place to shortly begin offering Tungsten Early Payment to customers in France, Germany and Italy, and are making good progress in securing approval to operate in other territories.”

Related Posts

Comments are closed.