Tungsten Network delivers compliant e-Invoicing for customers in Saudi Arabia
Customers can trade with confidence in 45 compliant countries through the global e-Invoicing network
London, 09 June – Tungsten Corporation plc (LSE:TUNG) now delivers compliant e-Invoicing in Saudi Arabia.
Following in-depth research and technical development, Tungsten Network, the global e-Invoicing network built on OB10, enables customers to send and receive domestic and offshore electronic invoices that comply with Saudi Arabian commercial law and qualify as a legal invoice.
The addition of Saudi Arabia takes the number of compliant countries on the Tungsten Network to 45 and helps even more organisations streamline their processes around the world and achieve straight-through processing.
The first buyer customer to use this service within the region is King Abdullah University of Science and Technology (KAUST), which joined the network in 2013.
“Our goal is to become the world’s largest electronic trading network and allow our customers to transact seamlessly with suppliers around the globe,” says Edmund Truell, Group CEO, Tungsten Corporation. “Achieving Saudi Arabian compliance brings us closer to that objective. I’m delighted to give our customers access to another important geography where they can reap the financial and environmental benefits of e-Invoicing. We look forward to bringing our secure, smart, fast electronic invoicing network to even more territories in the coming months.”
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 to suppliers and helps buying organisations profit by applying real‐time spend analytics to its vast repository of line‐level invoice data.
Tungsten connects the world’s largest companies and government agencies to their thousands of suppliers around the globe. It is compliant in 45 countries, and processes transactions worth over $180bn per year 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.
