LONDON and MEXICO CITY, February 24, 2014 /PRNewswire/ --
Mexican shipping firm Estafeta joins the global e-Invoicing network
OB10, the global e-Invoicing network that is part of Tungsten Corporation plc (LSE:TUNG), and Buzón E, a Mexican government-accredited e-Invoicing service provider, have extended their partnership through a reseller agreement that allows Buzón E to take OB10's straight-through-processing services to organisations in Mexico.
The collaboration has signed Estafeta, the country's leading shipping firm and Buzón E parent company, as the first buyer customer to join the network in the region.
e-Invoicing is mandated for all Mexican companies. Due to recent legislative changes, organisations can no longer self-generate electronic invoices but must send them through one of 77 authorised service providers, such as Buzón E. By becoming an OB10 reseller, Buzón E is introducing additional value to its fiscally compliant invoicing services by bringing touchless processing to Mexican companies.
"Electronic invoicing is more than just a regulatory requirement," said Benito Celorio, Managing Director at Buzón E. "Through our partnership with OB10, we can enable existing and future customers to eliminate invoice exceptions and manual intervention, and automate the process from invoice to pay."
By adopting e-Invoicing through Buzón E and OB10, Estafeta is setting a new standard for Mexican multinationals. "This is our opportunity to drive greater efficiencies into our processes, enhance our payment-on-time targets and improve relations with suppliers," said Gerardo Pinto, Chief Financial Officer at Estafeta. "We are proud to be the first Mexican buyer organisation on the OB10 network."
The enhanced partnership between OB10 and Buzón E demonstrates the combined level of commitment to improving purchase-to-pay operations in the region. "Governments around the world look to Mexico as an example of the real impact e-Invoicing can have on their economies," said Edmund Truell, Group CEO at Tungsten. "By working with Buzón E and Estafeta, we will show how both businesses and tax administrations can dramatically reduce cost and increase value through straight-through invoice processing."
Compliant in 43 countries across Europe, the Americas and Asia, OB10 can reduce invoice-processing costs by 60% and deliver an ROI in less than a year.
Working with 53% of the Fortune 500, Tungsten Corporation's OB10 network connects some of the world's largest companies and government agencies to their thousands of suppliers around the globe. It processes transactions worth over $180 billion per year for organizations such as Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, IBM, Kellogg's, US Federal Government, Tesco and Whirlpool.
Tungsten Corporation offers supply chain financing to suppliers on the OB10 network and will help organizations profit by applying innovative spend analytics to its vast repository of invoice data.
About Buzón E
Buzón E is a government-authorized certification provider and pioneer of electronic invoicing in Mexico. Through its innovative technology platform, Buzón E provides a high-security, large-volume environment to generate, distribute and manage personalized compliant fiscal invoices, and other documents like payroll receipts and tax-retention formats, helping its customers to move to a paperless world with significant reductions in operational expenses.
Buzón E is part of Estafeta, the leading express and logistics service provider in Mexico.
Sandra Higgison, Head of Global Communications, +44(0)20-7406-5772, sandra.higgison@OB10.com
SOURCE OB10 and Buzón E