Tungsten Corp. Plc. (TUNG.L), the holding company of OB10 Limited that provides electronic invoice delivery or e-invoicing, Wednesday said it is now extending its invoice financing service into the U.S. Tungsten shares were gaining around 4 percent in London trading.
Tungsten Early Payment, which enables suppliers to control when they receive invoice payments, will now be available to certain US-based companies that use Tungsten Network to invoice their customers.
Tungsten Early Payment enables suppliers to be paid for invoices when they need it. Suppliers select the invoice and payment date and Tungsten pays the invoice amount after deducting a discount charge.
According to the company, this integrated invoice finance offering has been designed with Tungsten Network suppliers in mind and provides a low cost and easy-to-access alternative to traditional forms of bank finance.
Edmund Truell, Group CEO of Tungsten, said, "The vision the management team and Board had when we set up Tungsten, just over a year ago, has come to fruition. We are successfully financing invoices for UK-based suppliers on our platform, and are now beginning to do the same for selected eligible suppliers in the US. As new supplier companies are invited to join Tungsten Network by their customers, they will be invited to sign up for Tungsten Early Payment at the same time."
In London, Tungsten shares were gaining 9.50 pence or 3.95 percent, and trading at 250 pence.
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