Tungsten Network and TrustWeaver Form a Strategic Partnership for Compliant e-Invoicing Around the World

LONDON, October 23, 2014 /PRNewswire/ --

Alliance strengthens Tungsten's compliance credentials and enables its customers to operate in even more territories  

Tungsten Corporation plc (LSE:TUNG), the global electronic trading network, today announces that its electronic invoicing platform, Tungsten Network, is now working with TrustWeaver, a provider of digital signatures for electronic invoices and credit notes. Trustweaver's core VAT compliance functionality offers long term evidence of electronic invoice integrity and authenticity and strengthens Tungsten's already best-in-class compliance offering.

This partnership supports Tungsten Network's current activity in Europe and other nations with similar VAT requirements. It will also help Tungsten Network's customers achieve e-Invoicing compliance in a growing number of other countries around the world.

Tungsten Network customers will benefit immediately from TrustWeaver's comprehensive compliance services. TrustWeaver's legally compliant electronic signature, time-stamping and tax authority clearance functions are integrated into Tungsten Network's document creation and validation workflows.

"We have dedicated significant investment into developing Tungsten's expertise in global compliance for electronic document processing, and have designed and built our network to comply with the respective requirements," says Markus Hornburg, VP Compliance, Tungsten Network. "We must continue to respond to the rapid adoption of e-Invoicing and the related legal requirements around the world. Working with TrustWeaver enables us to more quickly achieve compliance in new markets and brings additional support to our offering. Tungsten will always adhere to the highest standards of document security and legal compliance."

Christiaan van der Valk, President of TrustWeaver AB, says: "We are delighted to partner with Tungsten. TrustWeaver shares Tungsten's goal to help customers trade with confidence, and complements Tungsten's secure and reliable e-Invoicing, early payment and spend analytics solutions by enabling a technically and legally robust service. We look forward to supporting Tungsten's plans to bring compliant electronic invoicing to even more new territories and organisations."

About Tungsten Corporation plc

Tungsten 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 through Tungsten Bank to suppliers and helps buying organisations profit by applying real-time spend analytics to its $750bn repository of line-level invoice data. Tungsten Corporation's services now include DocuSphere, a provider of accounts payable automation solutions.

Tungsten serves 53% of the Fortune 500 and 66% of the FTSE 100 by connecting the world's largest companies and government agencies to their thousands of suppliers around the globe. It is compliant 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 US Federal Government.

Tungsten Corporation joined forces with OB10 in 2013 to create the world's largest electronic trading network.

Contact: James Culverhouse, Equus, +44-(0)20-7223-1100, [email protected].  

SOURCE Tungsten Network