E-invoicing solutions provider Tungsten Network has partnered with supply chain finance (SCF) firm Orbian to allow large customers to provide SCF options to suppliers on its network.
Corporate customers with large supply chains can now use the same platform they already use for e-invoicing through Tungsten to provide early payment to their suppliers of all sizes.
Prabhat Vira, president of Tungsten Network Finance, says: “Our network is built on the importance of smart business partnerships and smooth working relationships, and this venture will increase our capacity to leverage our platform for digital automation, financing solutions and analytics. We believe this partnership will give our customers a unique opportunity to add financing to their e-invoicing-enabled supply chains.”
Tungsten recently relaunched its early payment product, aimed at SMEs, and this new SCF funding solution is meant to accommodate the financing needs of its large buyers’ supply chains.
Vira adds: “Orbian brings its own deep network of financing sources comprising banks, corporate treasuries and institutional investors around the globe. It has extensive experience in structuring attractive supply chain and receivables financing agreements, and was a logical choice of partner for Tungsten as we seek to increase the number of businesses we can provide financing for and help facilitate their growth. Together, Tungsten and Orbian will create attractive working capital financing solutions based on invoices that Tungsten customers are already transacting over the network.”