Real-time logistics collaboration platform Turvo is rolling out its payments solution, Turvo Pay, to automate payments down supply chains.
In an announcement today (Tuesday, Aug. 27) sent to PYMNTS, Turvo revealed the rollout of its automated payments solution, connecting businesses within supply chains to a suite of payment tools designed to boost the efficiency of payments down supply chains and address the pain point of late B2B payments.
Turvo Pay allows users to request and manage digital documents like invoices as an extension of the shipping process, the company explained, meaning payment is integrated into shipment management for a more seamless flow of both goods and funds. The solution supports ACH, paper check, EFS and Comchek from directly within the Turvo platform.
The automated payments tool also connects users to solutions for auditing, reconciliation, remittance emails and accounting, while being able to integrate into users' existing accounting platforms including QuickBooks and Xero, the company said.
Turvo pointed to the bottlenecks of payments that can be slowed down as various players down supply chains wait to receive and process documents including proof of delivery and invoices. Friction in the payments process itself, as well as in the subsequent reconciliation and accounting process, are also top pain points, the company said.
"Late payments can be as disruptive as late shipments," said Turvo Chief Marketing Officer Matt Jubelirer in a statement. "With Turvo Pay, we are the first to bring the promise of collaborative logistics to the payment process and connect it to the full shipment lifecycle. This will reduce what typically takes up to a full day of work down to minutes."
The launch of Turvo Pay follows the announcement of the company's $60 million investment round last year, led by Mubadala Investment Co's Mubadala Ventures. Turvo has headquarters in both the U.S. and India.
Last month, Turvo announced the takeover of supply chain Internet of Things and artificial intelligence company ODYN.