This serves to make the process as efficient and as automated as possible. He continued, “Talking to suppliers and buyers we hear that they really appreciate having one provider to handle all their Italian invoices and, that we provide pre-validation before invoices are reported to SdI. Now, we can report 100% of sales and purchase invoices to SdI, including domestic, cross-border and intercompany invoices well ahead of the deadline to do so. And because we offer a superbly stable solution, many businesses in Italy want to work with us. Italy has led the way in Europe since it introduced the e-invoicing mandate in 2019.Ĭommenting on the provision of recording all cross-border invoicing, Ruud van Hilten, VP Product Compliance at Tungsten Network said, “Tungsten has been a registered intermediary in Italy since the start of the e-invoicing mandate in 2019. Ahead of the upcoming changes being introduced by the Italian Government in July this year, where cross-border invoices need to be reported to the SdI (Sistema die Interscambio), Tungsten Network has made the service, optionally, available from January 2022.Īs many governments look to improve their present and future fiscal health and ensure the correct taxes are recorded and collected by their Treasury, mandated reporting and e-invoicing are becoming more commonplace. UK-based neolender Proportunity recently revealed it will be adding a zero-deposit product this year with the aim of helping people to buy homes.Tungsten Corporation plc (AIM: TUNG), a leading provider of digital financial management and software solutions is offering Italian businesses early access to 100 per cent reporting on all cross-border invoicing. A full technology suite from Kofax will bring efficiencies to how they work with their suppliers, compliantly invoice, and focus on leveraging data to drive insights while reducing cost.” Tungsten CEO Paul Cooper added, “Finance procurement leaders are looking beyond traditional invoice OCR and workflow capabilities to modern e-invoicing, supplier management, and value-added services – accelerating how they pay and relate with suppliers. We’re excited to welcome Tungsten and its employees into the Kofax family, as we lean into addressing growing enterprise needs for e-invoicing compliance driven by government directives rapidly coming into effect throughout the world.” Adding Tungsten’s e-invoicing and other capabilities will provide more comprehensive and higher value invoice processing and accounts payable automation solutions to our customers. Kofax CEO Reynolds Bish said, “Our SaaS solutions automate the processing of over 60 million invoices for more than 11,000 organisations around the globe. Kofax said that combined, the two companies will support organisations at every level of maturity in their journey towards true e-invoicing. The company also offers intelligent automation in more than 40 country formats and more than 100 languages. The acquired firm also provides a platform for onboarding of suppliers, PO exchange, invoice processing, e-invoicing, compliance and payment processing. Tungsten is a global B2B e-invoicing network that facilitates and streamlines complex invoice-to-pay processes. Kofax, a supplier of intelligent automation software for digital workflow transformation, has acquired Tungsten for an undisclosed fee.
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