LONDON, April 28, 2016 /PRNewswire/ --

Prabhat Vira has been appointed President of Tungsten Network Finance, the supply chain finance arm of the Tungsten Network business. Bringing more than 30 years of global banking experience to the team, his appointment further strengthens Tungsten Network as it implements its ambitious growth strategy to become the world's most trusted business transaction platform.

Vira has held senior positions in banking businesses across the world including roles in London, New York, Amsterdam, Singapore and India. He arrives from HSBC where he served as the Global Head of Strategic Transformation and Regional Head North America for HSBC's Trade & Receivables Finance business, responsible for transforming their business, building sustainable programs and securing new revenue streams. Prior to that, he headed up RBS and Citizen Bank's transaction banking business for the Americas, leading, motivating and energizing a team of 380 trade finance and payments specialists across the Americas.  

As President of Tungsten Network Finance, Vira is working closely with Richard Hurwitz, the CEO of Tungsten Corporation, to develop a radical "100 day plan" which will shape his strategy for the business. He will lead Tungsten Network's supply chain and receivables finance offering and will build on the launch of the Early Payment service that enables suppliers to, at the click of a button, get approved invoices paid early.  

Prabhat Vira said: "I am extremely excited to be joining Tungsten Network at such a significant time for the business. I have substantial experience in building financial operations across the world and pioneering change throughout organizations. Within the myriad of alternative funding options on the market, we have an amazing opportunity to leverage technology and analytics to position Tungsten Network at the forefront of the industry. Our Early Payment service, in particular, offers unparalleled easy-to-use flexibility for suppliers and my mission is to enable more companies to realize its potential for maximizing cash flow."

Richard Hurwitz, CEO, commented: "Digital transformations are changing how businesses operate and opening up innovative new ways to secure finance. Tungsten Network is driving such change and Prabhat's arrival provides us with the experience and leadership to accelerate adoption of our distinctive financing offerings."  

Tungsten Network is a global e-invoicing provider, increasing efficiencies in the invoicing process and delivering cost savings. In addition, it offers early payment as a form of alternative finance, helping to maintain a solid financial supply chain.

Notes to editors 

About Tungsten Corporation plc

Tungsten Corporation (LSE: TUNG) aims to be the world's most trusted business transaction network by using data intelligently to strengthen the global supply chain.

Tungsten Network is a secure e-invoicing platform that brings businesses and their suppliers closer together with unique technology that revolutionises invoice processing, maximises efficiency and improves cashflow management. The Tungsten Network also provides users with real-time spend analysis through analytics, and offers access to Early Payment, a form of alternative finance for businesses.

Tungsten Network serves 56% of the Fortune 500 and 67% of the FTSE 100.  It enables suppliers to submit tax compliant e-invoices in 47 countries, and last year processed transactions worth over $187bn for organisations such as Alliance Data, Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's and the US Federal Government.

Contact

Speed Communications
Kerry Grove +44(0)117-906-4517 / +44(0)7872-811735
Lizy Kidwell +44(0)117-906-4571 / +44(0)7527331796
tungsten@speedcomms.com

SOURCE Tungsten Corporation