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24 Jun 2014 09:30
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For Immediate Release 24 June 2014
Tungsten Network selected by Caterpillarfor electronic invoicingGlobal organisations continue to adopt e-Invoicing to achieveworld-class Procure to Pay
London, 24 June - Tungsten Network, the global e-Invoicing network built on OB10, has been selected by Caterpillar, the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives, to provide an e-Invoicing programme to its suppliers across the UK and Poland.
To achieve world-class levels of efficiency within Purchase-to-Pay functions, organisations are introducing electronic invoicing to replace paper-based, manual processing that is prone to mistakes and causes payment delays that can impact relations with suppliers.
Invoice automation brings consistency to the way companies handle transactions by improving purchase-order compliance and payment on time, enabling VAT and contract compliance, and strengthening supplier relations.
Edmund Truell, Group CEO at Tungsten Corporation, said, "We are delighted to welcome Caterpillar to Tungsten Network. This is yet another milestone as we realise our vision to create the world's largest electronic trading network."
About Tungsten Corporation plcTungsten Corporation (LSE: TUNG) accelerates global trade by enabling customers to streamline invoice processing, improve cash-flow management and make better buying decisions from their detailed spend data.
Buyer organisations that join Tungsten Network, built on OB10 e-Invoicing, can reduce their invoice-processing costs by 60%. Suppliers benefit from efficiencies, greater visibility of their invoice status and peace of mind. Tungsten offers supply chain financing to suppliers and helps buying organisations profit by applying real-time spend analytics to its vast repository of line-level invoice data.
Tungsten connects the world's largest companies and government agencies to their thousands of suppliers around the globe. It is compliant in 45 countries, and processes transactions worth over $180bn per year for organisations such as Alliance Data, Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's, and US Federal Government.
Tungsten Corporation joined forces with OB10 in 2013 to create the world's largest electronic trading network.
Contact: Sandra Higgison, Head of Global Communications, +44 20 7280 7973sandra.higgison@tungsten-network.com.
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