Tungsten Network, a global electronic invoicing firm, has joined forces with BNP Paribas to offer receivables purchase and supply chain finance to large corporates in the US and Canada through its e-invoicing platform.
In a statement, the fintech firm says the partnership will enable large corporates to receive alternative working capital solutions through the same technology provider they use for e-invoicing and accounts receivable activities.
Prabhat Vira, president of Tungsten Network Finance, describes the deal as “a breakthrough for the industry” as it illustrates how collaboration between fintech firms and banks is driving innovation in the market.
“By linking e-invoicing with supply chain and receivables purchase, we are in a position to offer a one-stop solution that brings together process efficiency and working capital optimisation. We are pleased to say that we already have e-invoicing linked receivables purchase transactions under execution,” he says.
Rolando Perez-Elorza, BNP Paribas’ head of global trade solutions for Americas, adds: “We appreciate the value of collaborating with technology procure-to-pay providers like Tungsten Network to collectively build solutions that are meaningful for clients and leverage the capabilities and expertise of all parties.”
Tungsten Network’s platform enables suppliers to submit tax compliant e-invoices in 48 countries, and last year processed transactions worth over £133bn. According to the company, it handles invoices for 70% of the FTSE 100 and 72% of the Fortune 500.