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Tungsten lands significant new customer with GE

Published: 17:41 19 May 2014 AEST

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Tungsten Corp (LON:TUNG) landed a significant new customer after GE agreed a multi-year deal to take the AIM-listed group’s electronic invoicing into all its global operations.

Potentially, it could process 16mln invoices annually for the giant American conglomerate. 

GE has agreed to take the Tungsten’s Invoice Status Service.

Chief executive Edmund Truell said: "Tungsten Network is accelerating its expansion, with another new customer choosing us to offer electronic invoicing services globally - on a scale comparable with the entire volume of invoices being transacted over the network last year."

Earlier this month it added a further US$20bn of invoices to its platform, while in April it revealed it had discounted its first invoices.

This followed the sign-off by the Financial Conduct Authority for its deal to acquire FIBI, renamed Tungsten Bank, and its integration with the Tungsten Network.

Full mobilisation of the service will occur once it has the green light from the Prudential Regulation Authority. Analysts hope the green light will be given by the end of May.

In a recent research note, the City broker Canaccord said: "Tungsten's integration progress and early test marketing leave us more confident that invoice financing volumes may begin soon after regulatory approval. 

“Tungsten is prepared to begin formal marketing and sales in the UK and US immediately after the PRA grants approval.”

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