PayStream Briefing: Tungsten Network’s Early Payment
A PayStream Partner, Tungsten Network, recently announced a very interesting new functionality with their invoice financing services—they have extended it to include Tungsten Early Payment. This feature offers control to suppliers that is both simple and innovative, enabling them to determine when they receive invoice payments.
Tungsten Early Payment pays suppliers for invoices when they need it most. With this solution, suppliers can select the invoice and payment date that suits their working capital needs, and Tungsten will pay the invoice amount, minus a discount charge. This is designed to be an alternative to traditional forms of bank finance, and its focus is on low costs and ease of use.
PayStream recognizes this solution as one more in a long string of dynamic offerings that have recently emerged on the financial automation market. These offerings share the same focus towards improving buyer and supplier control, prioritizing and optimizing approvals, and building the health of the supply chain.
Working capital optimization and Supply Chain Financing (SCF) have been especially important in our recent research. As we prepared for our 2014 Global eInvoicing report, we found that the development of SCF options is increasing around the world, and that the availability of these features in conjunction with eInvoicing networks is largely motivating global eInvoicing adoption. One particularly interesting initiative was seen from GT Nexus, IFC, and Levi Strauss & Co (LS&Co)—these companies have partnered to create a new supply chain finance program, the Global Trade Supplier Finance initiative. This program provides financial incentives for garment suppliers in developing countries, and ultimately works to upgrade environmental, health and safety, and labor standards.
Like GT Nexus, IFC, and LS&Co, Tungsten Network is also known for their focus on improving environmental conditions along with their financing options. This year, they were once again recognized for their operations’ environmental best practices with their eighth Green Apple Award. This is no surprise, as Tungsten reports they have to date saved more than 203 million sheets of paper, or 24,375 trees, as well as 5.8 million kilowatts of energy – enough to run the average home for 717 years.
Tungsten Early Payment is now live in the UK and US. We are excited to watch the success of their initiative, and to see how working capital enhancements continue to increase in the months and years to come. For more information on SCF and eInvoicing initiatives around the world, be sure to attend our free upcoming webinar on Global eInvoicing.Rate this Post: