Technology to drive business efficiency across the subcontinent
Paper-free invoicing across India is one step closer to becoming a reality, after the latest set of approvals was granted in Rajasthan.
Tungsten now has the authority to start operating in the Indian state, after the state governor changed the law to allow invoices to be signed off digitally.
Edmund Truell, Tungsten Group CEO, said: “This is good news for anyone doing business in India, as it cuts the need for lengthy paper-based systems in favour of a simple digital model.
“India’s entry into the world of e-invoicing reflects its rising position in global business, and the growing importance of access to the latest technology in driving economic growth. Becoming a member of the e-invoicing community at Tungsten Network will open up access to faster, more transparent processing of invoices as well as reducing the risk of fraud.”
E-invoicing has already been given the green light in West Bengal, Himachal Pradesh and Delhi, after Tungsten carried out extensive negotiations with the relevant authorities in each region.
Having been given the go-ahead nationally by the central Indian government, Tungsten will continue to set up agreements with the other states in the subcontinent, with the goal of achieving a full set of signatures in the coming months.
Tungsten’s focus on achieving compliance in India is a direct response to customer demand, as increasing numbers of businesses are seeing opportunity in this fast developing market. Rajasthan’s sign-off on using digital signatures helps to align India with other parts of the world, with digital signatures being common practice for authenticating invoices electronically in the EU and other markets.
The invitation-only e-invoicing community Tungsten Network already has hundreds of buyer members globally, and hundreds of thousands of their suppliers have also signed up to access fast, fuss-free e-invoicing capabilities, saving time, paper and money.
Rosie Park / Kerry Grove, Speed Communications: +44 117 973 3300, [email protected]
About Tungsten Corporation plc Tungsten Corporation (LSE: TUNG) accelerates global trade by enabling customers to streamline invoice processing, improve cash-flow management and make better buying decisions from their detailed spend data.
Buyer organisations that join Tungsten Network, the world’s largest compliant electronic invoicing network, can reduce their invoice-processing costs by 60%. Suppliers benefit from efficiencies, greater visibility of their invoice status and peace of mind. Tungsten offers supply chain financing through Tungsten Bank*; and helps buying organisations profit by applying real-time spend analytics to its vast repository of line-level invoice data.
Tungsten serves 56% of the Fortune 500 and 67% of the FTSE 100 by connecting the world’s largest companies and government agencies to their thousands of suppliers around the globe. It enables suppliers to submit tax compliant e-Invoices in 47 countries, and last year processed transactions worth over $187bn for organisations such as Alliance Data, Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg’s, and the US Federal Government.
Tungsten Corporation acquired DocuSphere, a provider of accounts payable automation solutions, in September 2014.
* Tungsten Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Tungsten Bank is registered on the financial services register with firm reference number 139209.