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Tungsten Network launches Workflow 5.0

22/01/2019

The next-generation accounts payable automation solution from Tungsten Network is here

London, 22 January, 2019: Tungsten Network, the global business transaction network, has released a new version of its Workflow product.

Tungsten Network Workflow automates accounts payable processes, enabling incoming invoices to be automatically routed, coded, matched, approved and posted into their Enterprise Resource Planning (ERP) system via an integrated connection. It offers users a single reference point from which they are able to track invoices, monitor cash flow and respond to vendor inquiries relating to the status of their invoices.

The latest version introduces a range of new features, like a new reporting tool replete with options to make it even easier to create robust, comprehensive reports. The new application performs faster and has an entirely new look and feel, allowing for a more intuitive user experience. It is also available on mobile devices, so users can manage their invoices more dynamically.

Tungsten Network Workflow 5.0 is currently available to existing Tungsten Network customers, and is currently in its pilot phase with a number of these, including Honda Logistics. It will be available to new customers from February 2019.

Rick Hurwitz, Tungsten Network’s Chief Executive, said: “As we embark on a new year it is exciting to bring a brand new version of Workflow to the market. Developed in close consultation with our customers, they believe that this latest iteration represents an improved user experience and feature set. Initial reception from pilot users suggests that the new product will be a great success.”

Brad Gerritsen, Honda Logistics’ Accounts Payable Supervisor, said: “The Tungsten Network Workflow platform gives us a clear picture of our open liabilities so we can make better payment decisions. We now have increased flexibility in handling our vendor payments. Additionally, with full visibility into our outstanding liabilities and greater efficiency in processing and paying our AP invoices, we can refocus our resources on working with our vendors on dynamic discounts and more favourable payment terms. We’re excited to experience what the new Workflow version 5.0 has to offer to make our AP Automation even more efficient and further enable improvements to our cash flow management.”

About Tungsten Network

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 business transaction network that brings businesses and their suppliers closer together with unique technology that revolutionises invoice processing, maximises efficiency and improves cash flow. Delivering trusted connections and streamlined transactions, the network also provides users with real-time spend analysis and offers suppliers access to invoice financing through Tungsten Network Finance, a form of alternative finance for businesses.

Tungsten Network processes invoices for 74 percent of the FTSE 100 and 71 percent of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 48 countries, and last year processed transactions worth over £164bn for organisations such as Alliance Data, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Mondelēz International, Henkel, IBM, Kellogg's and the US Federal Government.

 

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Press Inquiries:

David Williams
Group Chief Financial Officer

[email protected]