Global business transaction network joins forces with leading supply chain finance platform to make alternative finance available to even more businesses
Tungsten Network has extended the reach of its financing offer by partnering with supply chain finance provider Orbian. Effective as of February 2017, this partnership will enable Tungsten’s ‘one-stop’ technology platform to provide seamless supply chain finance programs for the large customers on its e-invoicing network.
Corporate customers with large supply chains that transact across Tungsten’s global electronic invoicing network can now use the same technology to advance their strategic objectives through programs providing early payment to their Suppliers, both large and small. This partnership will allow access to diversified funding through Orbian’s world-class supply chain financing capabilities, which will enable businesses previously unable to take advantage of financing over the network to access bank-agnostic working capital, reinforcing Tungsten’s commitment to providing value to different segments of its network.
Prabhat Vira, President of Tungsten Network Finance, said: “We are delighted to be working with Orbian, as we expand our financing offering to better service the many and varied businesses on the Tungsten Network. 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.”
“While our recently relaunched Early Payment product has been designed to meet the needs of SMEs, this new funding solution means that we can now accommodate the financing needs within the supply chains of our Buyer customers.
“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.”
This announcement follows the recent sale of Tungsten Bank in December 2016, and the company’s decision to evolve its finance offering to increase the number of businesses it can provide finance for and support their growth and stability.
Thomas Dunn, Chairman of Orbian, said: “Orbian is very excited to partner with Tungsten Network to deliver supply chain finance to a new and vast network of businesses. Tungsten’s focus on compliance and risk mitigation aligns with our own, making its diverse network an ideal platform from which to offer finance opportunities at attractive rates.
“Orbian recognises the substantial benefits of Tungsten acting as a source of supply chain finance assets across a wide range of industry and geographical sectors.”
Rick Hurwitz, CEO of Tungsten Corporation, added: "Tungsten is dedicated to strengthening the global supply chain and providing value for all of the businesses on our network. This funding venture with Orbian, which builds on our existing finance offering, is an important step in realising the value of Tungsten Network for a significant subset of our customers, and will pass those benefits onto their Buyers in the form of a substantially stronger supply chain."