我的同事彼得史密斯覆盖Tungsten'sfinancial result earlier this week- see钨的半年成绩：短期失望，但长期承诺
好的钨是亏钱。但是也是如此Lending Club那OnDeck以及许多尝试改变金融方式的其他人在钨的案例中，交易业务发票融资。
我前几天阅读他们的中期报告，几个主题困扰着财务之外：
潜在的市场规模很大
With Tungsten’s current network, if all buyers were enabled to provide Tungsten Early Payment to suppliers for invoices shown as "approved to pay", the annual value would be $2.7 trillion. The report says that is 12% of traded goods and commercial services (note: according to World Trade data).
你必须在跑步之前走路
There are a lot of new products ideas -non confirmed finance (to compete with factors), purchase order finance, etc. but Tungsten must prove out their existing model. But as a bank, they have lots of opportunities to do things with that bank license.For example the report mentions that Tungsten Bank has received regulatory passports for Germany, France and Italy as a key step to offering invoice finance in Continental Europe.
Whole big culture change going from a tech provider to a bank with an invoice proposition
I mean, moving from an einvoicing technology play to a bank play centered on funding your own network is a major shift. People that were good fits in the prior organization may not be so in the fast world of finance. If they want to grow big outside of the UK, you need the right staff to suit the new organization.
Tungsten mentions this in the report.
技术上，Tungsten正在临近我们全球电子发票平台完成钨网络的转型。我们拥有100多个新员工，以帮助在钨网络和市场钨的产品和服务中持续改进。其中包括鼓励和使供应商加入网络的解决方案，增加网络上的买家数量，为我们当前的客户提供更多服务，因此增加了发票的体积和价值在钨网上交易，以及发展钨早期付款。
有些大鱼被迷住了
Tungsten Network在未来几年内在北美建立了一些戏剧性的增长步骤。他们已经报名起来了GE那Siemens那Caterpillar在未来18个月内单独使用签署的业务应在其网络上拥有350,000个供应商，并将其今天加倍。
New Pricing Model to be tested
钨索声称其新的定价结构将导致供应商采用增加：
新定价为小供应商提供52个免费发票，为较大的供应商免费提供520个免费发票。钨钨期望超过80％的供应商现在将在钨网络上免费进行。简化的费用结构已经导致供应商的采用增加，这反过来又会导致净收入增加，并改善钨的营运资金，以及网络上的增加。
我认为大多数读者知道我们如何在充电供应商周围花费的氛围，但收入令人上瘾，难以恢复一步，恢复两步。
Regulators like to see a stable source of Funds
外面的金钱对钨至关重要，主要是因为你需要流动性来资助应收款项，特别是如果您的银行无法足够快地升级它们。Tungsten的交易BNY Mellons投资管理资产管理填充空隙，也提供稳定的流动源。钨解释说，
2014年12月底，本集团推出了超过1000万英镑，这在当时大大吸收了钨银行的可用资金。已经部署了钨公司PLC现金资源，以满足继续融资使用钨早期支付服务的供应商的要求，并确保供应商可以获得金融。在此期间结束后，钨签署了与Insight Investific的协议，通过该洞察力，洞察力将资助欧洲和北美钨的符合条件的发票。Insight，BNY Mellon Group的一部分，管理管理的3180亿英镑，包括短期资金。
While they mention they are working to attract deposits to Tungsten Bank, there is a liquidity mismatch that can be handled by third party funds. If their receivable penetration is higher than modeled, the concern Regulators would have is that the financing is always available. Recall the 2008 financial crisis was driven by liquidity – no financial institution wanted to lend to each other because of the opaqueness of balance sheets.
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