4 Nov 2021 07:00
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4 November 2021
Tungsten Corporation plc
("Tungsten" or the "Company")
CUSTOMER WIN
Zurich Insurance selects Tungsten Network to Develop e-Invoicing system
Tungsten Corporation plc (AIM: TUNG), a leading provider of digital financial management products and software solutions, is pleased to announce Tungsten Network has been chosen by Zurich Insurance ("Zurich") to provide a total accounts receivable services e-invoicing system. This Tungsten solution continues momentum for a product successfully developed as part of the company growth strategy.
After a detailed evaluation, Zurich has appointed Tungsten Network to implement a single e-invoicing system to deliver invoices into multiple e-invoicing and procurement platforms. Like most insurers, Zurich currently has a semi-automated invoicing system and wants to increase process digitisation and automation. Another driver to engagement with Tungsten was increasing Zurich customer demand for e-invoicing.
As a leading global trading network, Tungsten is compliant in 54 countries. That value, along with Tungsten's market leadership, platform flexibility, and global network strength, were key factors in the appointment.
This contract win represents Tungsten's first major global insurance customer. Onboarding and live implementation within several countries will begin in 2022, with larger scale rollout planned later in the year.
Paul Cooper, CEO of Tungsten Corporation, said, "We are delighted Zurich chose Tungsten to accelerate their digitisation and e-invoicing adoption. Zurich will implement a solution likely to resonate with all commercial insurers. We look forward to helping Zurich meet key business objectives via our long-term relationship."
Enquiries
Tungsten Corporation plc Paul Cooper, Chief Executive Officer Ian Kelly, Chief Finance Officer
| via Tavistock
|
Canaccord Genuity Limited (Broker and Nominated Adviser) Simon Bridges/Andrew Potts
| +44 20 7523 8000
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Tavistock Communications Financial PR & IR Heather Armstrong/Katie Hopkins | +44 20 7920 3150 |
About Tungsten Corporation plc
Tungsten Corporation (AIM: TUNG) is the world's largest, compliant business transaction network. A leading global electronic invoicing and purchase order transactions network; Tungsten's mission is centred on enabling a touchless invoice process allowing businesses around the globe to gain maximum value from their invoice process.
Tungsten processes invoices for 74% of the FTSE 100 and 71% of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 54 countries, and last year processed transactions worth over £220 billion for organisations such as Caesars Entertainment, Computacenter, GlaxoSmithKline, Kraft Foods, Mohawk Industries, Mondelēz International, Procter & Gamble, Shaw Industries, Unilever and the US Federal Government.
Founded in 2000 and headquartered in London, Tungsten has offices in the US, Bulgaria and Malaysia, employing over 227 people.