The latest version introduces a range of new features, like a new reporting tool replete with options to make it even easier to create robust, comprehensive reports. The new application performs faster and has an entirely new look and feel, allowing for a more intuitive user experience. It is also available on mobile devices, so users can manage their invoices more dynamically.

Tungsten Network Workflow 5.0 is currently available to existing Tungsten Network customers and is currently in its pilot phase with a number of these, including Honda Logistics. It will be available to new customers from February 2019.

Rick Hurwitz, Tungsten Network’s Chief Executive, said: “As we embark on a new year it is exciting to bring a brand-new version of Workflow to the market. Developed in close consultation with our customers, they believe that this latest iteration represents an improved user experience and feature set. Initial reception from pilot users suggests that the new product will be a great success.”

Brad Gerritsen, Honda Logistics’ Accounts Payable Supervisor, said: “The Tungsten Network Workflow platform gives us a clear picture of our open liabilities so we can make better payment decisions. We now have increased flexibility in handling our vendor payments. Additionally, with full visibility into our outstanding liabilities and greater efficiency in processing and paying our AP invoices, we can refocus our resources on working with our vendors on dynamic discounts and more favourable payment terms. We’re excited to experience what the new Workflow version 5.0 has to offer to make our AP Automation even more efficient and further enable improvements to our cash flow management.”

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Tungsten Network Finance now offers four distinct trade finance solutions that meet different market needs: invoice discounting through the Tungsten Network Early Payment facility in its portal; flexible lines of credit; receivables financing and supply chain finance. Leveraging the connectivity that comes from joining Tungsten Network, both SME and large customers are matching working capital needs with a flexible user experience, removing the friction that impacts cash flow.

“Passing £300 million of financing represents a milestone worth acknowledging for our business and demonstrates our progress in realising the significant potential of providing trade finance solutions to the customers of Tungsten Network,” said Prabhat Vira.

“The funding partnerships have allowed us to grow our suite of products to meet the diverse financing needs of more of the customers of Tungsten Network, from our smaller UK customers having access to debt facilities of up to £500,000, through to some of our larger, multinational customers taking advantage of a ‘one-stop’ platform for e-invoicing linked receivables financing.

“Most importantly, we are focussed on solutions that work for our customers. On average, Tungsten Network Early Payment users currently finance over half of the e-invoices that they issue digitally via the Tungsten Network portal, demonstrating that the product has become an important part of their working capital management. Since the relaunch, 129 Tungsten Network customers have taken early payment.”

Les Brooke, finance director, EFM Fleet Services Limited, said: “We have used Tungsten Network for over 12 months now, principally to utilise the early payment facility that it offers.

“This is ‘head and shoulders’ above our previous invoice discounting facility in that we choose when we need it, have access to 100% of the funds due to us – less very competitive charges – and it substantially improves the gearing in our balance sheet.”

Tungsten Network Finance has recently expanded its geographical reach beyond the United Kingdom and the United States, to now include Canada, Ireland and the Netherlands, with funds available in GBP, USD and EUR. This geographical expansion will continue over the course of 2018, with work already underway to make the product available in more countries in Europe and the Americas.

Richard Hurwitz, CEO, Tungsten Corporation, said: “All the metrics we monitor are improving. These include customer acquisition numbers, balances outstanding and total volume of loans, which indicates that we have successfully relaunched a trade finance model that is now sustainable. Customers of Tungsten Network are leveraging the benefits of the digital platform we provide by taking funding opportunities through the same portal in which they manage their invoicing activities.

“What is even more encouraging is that we are now having conversations with Finance Directors around working capital, that lead them to embrace the digital automation of their accounts payable and accounts receivable transactional flows.

“Tungsten’s customers are coming to see the Network and its various utilities as a strategic tool for their Finance and Treasury teams, enabling them to grow and more easily move cash to the benefit of the global supply chain.”

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