Tungsten Network snags big fish in GE

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GE partners with Tungsten Network for e-invoicing solution

Tungsten Network processed transactions worth over $185 billion last year for organisations such as ADS, BT, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's and the US Federal Government.

And now it has added GE as a client.  GE’s divisions span Energy, Aerospace, Technology Infrastructure, Capital Finance as well as Consumer and Industrial and the global roll-out to the respective subsidiaries of those divisions could increase volume by over 16 million per year.

Interestingly enough, GE Capital operates a number of finance businesses, including GE Commercial Distribution Finance Corporation (GECDF). CDF provides $30B in annual inventory financing to the Technology, Electronics & Appliances, Powersport, Marine, RV and the Lawn and Garden industries with customers include Dell, Whirlpool, Polaris, and Brunswick.

This is not just another new customer, but a huge win for Tungsten and continues to put the banks on notice around the disintermediation that is happening beneath their feet.

Since the Great Recession of 2008, GE Capital has wrestled on where to put their balance sheet and has shed certain finance businesses.  By linking with Tungsten, GE has put potentially put their global invoice volume up for finance.

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