Tungsten Bank, a unit of global e-invoicing, invoice finance and analytics firm Tungsten Corporation, has secured the green light to offer banking services in Germany, France and Italy.
Regulators in these three markets have been notified by the UK’s Prudential Regulation Authority (PRA) that Tungsten Bank is now authorised to provide services in their jurisdictions.
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The bank will offer invoice financing to eligible European businesses who invoice their customers over Tungsten’s e-Invoicing network.
Tungsten Early Payment has been provided to companies in the UK and the US till date, and the invoice financing solution is currently being prepared for these mainland European markets.
Tungsten Group CEO Edmund Truell said, "Tungsten Early Payment, offered through Tungsten Bank, was explicitly designed to service SMEs and allow them to simply and swiftly maximise their cash flow – all at the click of a button.
"Tungsten operates in a heavily regulated landscape, and one of the key reasons we acquired Tungsten Bank was to ensure we obtain approval to offer invoice financing in multiple territories around the world. We have invested in establishing financing structures in new geographies through Tungsten Bank, while maintaining our governance standards to meet and exceed current and potential future regulatory requirements.
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By GlobalData"We are now working to put the mechanics in place to shortly begin offering Tungsten Early Payment to customers in France, Germany and Italy, and are making good progress in securing approval to operate in other territories."
