BNP Paribas and Tungsten Network collaborate to offer supply chain finance solutions
Tungsten Network is to collaborate with BNP Paribas to offer e-invoicing linked Receivables Purchase and e-invoicing linked Supply Chain Finance (e-SCF) to large corporates in the USA and Canada.
Through this collaboration, BNP Paribas and Tungsten Network will have the opportunity to use their combined strengths to originate and leverage innovation in the FinTech space.
Large corporates will now be able to receive an alternative working capital solution through the same technology provider they use for e-invoicing and accounts receivable activities.
Prabhat Vira, President, Tungsten Network Finance, said: “This is a breakthrough for the industry. By linking e-invoicing with supply chain and receivables purchase, we are in a position to offer a one-stop solution that brings together process efficiency and working capital optimisation.
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“We are excited to be working with BNP Paribas, a hugely successful, global Trade Finance bank and are pleased to say that we already have e-invoicing linked Receivables Purchase transactions under execution.”
Rolando Perez-Elorza, Head of Global Trade Solutions, Americas, BNP Paribas, commented: “We appreciate the value of collaborating with technology procure-to-pay providers like Tungsten Network to collectively build solutions that are meaningful for clients and leverage the capabilities and expertise of all parties.”
Vira added: “We are pleased to be at the vanguard of what looks like a broader industry trend that is bringing fintechs and banks together to drive innovation and offer value-added alternatives to customers.
“This collaboration supports Tungsten Network’s strategy of offering greater value to all customers transacting on the network.”