At the end of April Tungsten, who took over the OB10, announced that they have continue to make further progress overall in integrating its financing and analytics capabilities into the e-Invoicing network; and in re-organising the combined Tungsten group to be capable of large-scale growth. The necessary systems are now fully tested and ready to connect our Tungsten Network to Tungsten Bank. We are also ensuring that our systems can connect the Tungsten Network with third party finance providers such as Blackstone Tactical Opportunities where discussions are on-going to establish a global funding vehicle run by Tungsten.

Invoice discounting service goes live

With the agreement of UK’s FIBI and of the Financial Conduct Authority, they have commenced invoice discounting activity, see. Selected UK suppliers have been invited to discount invoices over the Tungsten Network, with the first discounts having been successfully processed last week. They claim this will provide useful market experience as a prelude to full global mobilisation, when the final change of control approval be forthcoming from the Prudential Regulatory Authority. Whilst still of necessity a limited activity, this discounting has been done on the terms anticipated in our business model. The Board continues to be hopeful that the required approval will be obtained by the end of May, 2014 and a further announcement will be made in this context, when appropriate.

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CTMfile take: All of these purchase-to-pay functions have been automated separately. What is new, and vitally important, is that the integration of e-invoicing services with A/P automation services. purchasing analytics and invoice financing could achieve astonishing improvements in cost-efficiency. These partnerships could deliver a whole new business model for P2P.