Tungsten Network streamlines trade connections and eliminates fees to enhance network value for buyers and suppliers

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March 3, 2021: Tungsten Network, (“Tungsten”) today announces the launch of Customer Connect, a new feature now available to over 250,000 suppliers and more than 150 buyers on its network. With Customer Connect, suppliers can seamlessly find and connect to new buyers directly via their Tungsten portal configuration. This new feature eliminates all fees associated with establishing new buyer connections and further enhances the Tungsten marketplace value for both buyers and suppliers.

The launch of Customer Connect highlights Tungsten’s continued commitment to innovation in the digital invoice arena. In the age of COVID-19, remote working and the resulting invoice processing delays, further accelerated paperless invoice adoption. The e-invoicing industry however, has been expanding rapidly for years. In fact, The e-invoicing Journey 2019-2015 report (Billentis) predicts invoice volume will increase by 400% in the next five years. Enhancements like Customer Connect improve speed and interoperability within the network, further increasing the benefits of digitisation initiatives for both buyer and supplier.

Marisa Teh, Tungsten Chief Product Officer commented: “By supporting suppliers with faster connections to their buyers, Customer Connect creates the opportunity for self-serve network expansion at no additional cost for our customers. For buyers, Customer Connect removes traditional barriers to supplier adoption, and is another step toward 100% digital invoicing.

“Customer Connect helps suppliers maximize Tungsten’s marketplace value by increasing payment speed and visibility—while benefiting from Tungsten’s comprehensive global compliance services. The faster buyers and suppliers connect and do business on our network, the faster our suppliers get paid.”

“We’re thrilled about positive customer feedback on Customer Connect”, says Robb Claxton, Tungsten Director of Operations. “It inspires us to keep challenging ourselves to find new ways to meet the dynamic needs of this market.”

 

Enquiries

Tavistock Communications Financial PR & IR

Heather Armstrong

Katie Hopkins

 

+44 20 7920 3150

[email protected]

 

About Tungsten Network

Tungsten 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 50 countries, and last year processed transactions worth over £195bn 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 300 people.

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