Tungsten Network first to receive TrustWeaver-Verified Trust Mark
Tungsten’s high standards of compliance best practice recognised by TrustWeaver
Tungsten Network, the global e-invoicing, analytics and invoice financing company, has been awarded the first ever TrustWeaver-Verified Trust Mark by leading provider of cloud-based document compliance solutions, TrustWeaver.
The TrustWeaver-Verified programme helps businesses better understand the varieties of tax compliance covered by a third party operator’s services.
TrustWeaver recognised a lack of market transparency over which vendors are taking responsibility for different aspects of compliance. Given the costs and risks involved in tax compliance, going above and beyond to invest in compliance is an important differentiator for e-invoicing vendors, and so TrustWeaver has developed criteria that publicly declares the standards a company meets.
The TrustWeaver-Verified Trust Mark states four areas of compliance that a vendor has been assessed on by TrustWeaver’s auditors:
- The management of invoice integrity and authenticity
- Archiving and auditor access
- End-to-end controls between the trading partners and the service provider
- The service provider’s processes to ensure that invoices contain all legally required data fields.
TrustWeaver has found Tungsten to accept responsibility for meeting high standards of compliance best practice in all four areas, awarding them with the highest mark of compliance, which in turn lets Tungsten’s customers know that they are dealing with a best-in-class service provider.
Organisations are ultimately responsible for complying with local tax regulations, but more and more companies are outsourcing their administrative processes to specialised third party service providers with the expertise and resources to deal with ever-evolving tax legislation.
Lucy Ashdown, Head of Network Compliance at Tungsten Network, said: “Tungsten has invested heavily over the years to ensure we are compliant across many legal areas, and we’re pleased to be leading the industry on this and forging a path with TrustWeaver to take compliance – and our clients – to the next level. Compliance is particularly critical for invoice-based FinTech services, where automation is everything. With Tungsten being awarded this inaugural Trust Mark, our customers can be assured that VAT compliance and all this entails is a significant priority of ours, and a responsibility we do not take on lightly.”
Anna Nordén, General Counsel of TrustWeaver, commented: “For a long time, the market has requested that we verify compliance services against an impartial VAT compliance best-practice standard. We’re very happy to kick off the TrustWeaver-Verified programme with Tungsten, as they are an industry leading operator who has consistently taken compliance very seriously.”
About Tungsten Corporation plc
Tungsten Corporation (LSE: TUNG) aims to be the world’s most trusted business transaction network by using data intelligently to strengthen the global supply chain.
Tungsten Network is a secure e-invoicing platform that brings businesses and their suppliers closer together with unique technology that revolutionises invoice processing, maximises efficiency and improves cashflow management. The network also provides users with real-time spend analysis through Tungsten Analytics, and offers access to Tungsten Early Payment, a form of alternative finance for businesses.
Tungsten serves 56% of the Fortune 500 and 67% of the FTSE 100. It enables suppliers to submit tax compliant e-invoices in 47 countries, and last year processed transactions worth over $187bn for organisations such as Alliance Data, Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg’s and the US Federal Government.
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