Transformative e-invoicing from Tungsten Network now available to Amazon Business customers, bridging the gap between procurement and payment
London, 5 January 2022: Tungsten Corporation plc, a leading provider of digital financial management and software solutions is collaborating with Amazon Business to deliver global e-invoicing in Europe and the U.S.A.
Amazon Business is an online store and procurement solution that helps millions of customers worldwide—from small businesses, schools, hospitals, non-profit organisations, and government agencies, to large enterprises with global operations—reshape their procurement with cost and time savings, greater productivity, and insightful purchasing analytics. This integration will allow Amazon Business customers to automate invoice processing via the Tungsten e-invoicing network.
The integration makes use of Tungsten’s Accounts Receivable solution and will help Amazon Business customers save time and effort. As a result of this collaboration, Amazon Business customers can access the link between procurement and payment, thereby removing the bottlenecks that cause errors, delays and increased costs.
Nabil De Marco, Director for Amazon Business Europe commented: “At Amazon Business we offer a broad range of business-tailored features such as business-only pricing and selection, single or multi-user business accounts, approvals workflow, purchasing system integrations to name a few. We are always looking for ways to further improve the buying experience for our business customers and are excited to augment our offering to include invoicing automation through this partnership.”
Paul Cooper, CEO of Tungsten Corporation, commented: “We are delighted to work with Amazon Business and its customers to support straight-through processing and digital procurement benefits. Our strategic relationship and combined value proposition deliver opportunity for both parties to deliver increased productivity and significant cost reduction to our diverse customer accounts.”
Tungsten’s Accounts Receivable solution offers its clients the flexibility to integrate with any procurement platform and delivers exceptional levels of straight-through processing.** This results in increased accuracy, reduced queries and costs, greater visibility, and ultimately a healthy supply chain.
*A punchout catalogue is an integrated connection to the buyers e-procurement or ERP system that presents their goods and services to the buyer on a business’s website. The catalogue integration happens over cXML or OCI standards and allows the buyer to “punch out” to the business’s application.
**Straight-through processing (STP) is an automatic solution for seamless electronic transactions and interactions without manual intervention. STP is commonly used by financial institutions to reduce transaction time and stock markets to facilitate seamless initiation and settlement of securities without manual intervention. Source.
About Tungsten Network
Tungsten Corporation 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 54 countries, and last year processed transactions worth over £220 billion 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 227 people.