Ex-HSBC banker Prabhat Vira has been named president of Tungsten Finance, the supply chain finance arm of global e-invoicing provider Tungsten Corporation.
Vira most recently served as HSBC’s global head of strategic transformation and North America head of the bank’s trade and receivables finance business. Before that, he headed RBS and Citizen Bank’s transaction banking business for the Americas.
As president of Tungsten Finance, Vira will lead Tungsten’s supply chain and receivables finance offering and will build on the launch of the Tungsten Early Payment service that enables suppliers to get approved invoices paid early. In doing so, he will work closely with Richard Hurwitz, the CEO of Tungsten Corporation, to develop a “100-day plan” which will shape his strategy for the business.
Vira comments on his appointment: “I am extremely excited to be joining Tungsten at such a significant time for the business. I have substantial experience in building financial operations across the world and pioneering change throughout organisations. Within the myriad of alternative funding options on the market, we have an amazing opportunity to leverage technology and analytics to position Tungsten at the forefront of the industry. Our Early Payment service, in particular, offers unparalleled easy-to-use flexibility for suppliers and my mission is to enable more companies to realise its potential for maximising cash flow.”
Hurwitz adds: “Digital transformations are changing how businesses operate and opening up innovative new ways to secure finance. Tungsten is driving such change and Prabhat’s arrival provides us with the experience and leadership to accelerate adoption of our distinctive financing offerings.”