6th May 2014 10:42
LONDON (Alliance News) - Tungsten Corp PLC Tuesday said OB10, the e-invoicing network it acquired in October, has completed its transition and integration, and last week agreed with an existing major IT multinational to convert some USD20.00 billion of annual paper transactions to true electronic invoices.
OB10, which will now function as Tungsten Network, also agreed last week to install the Invoice Status Service to over USD33 billion of invoices to give suppliers visibility of the status of their invoices.
"The transition of OB10 into Tungsten Network underlines the central role e-invoicing plays for our customers and our business. The reorganisation is bearing fruit, with the first of our customers agreeing to be serviced globally on an enormous scale. The months of preparatory work are paying off, now we are starting to use the exceptionally promising analytics tool to support decisions in real time; and have started financing invoices," Edmund Truell, chief executive, said in a statement.
Tungsten Corp shares were Tuesday quoted at 220.00 pence, up 1.5%.
By Samuel Agini; [email protected]; @samuelagini
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