Third-party logistics technology provider project44 is integrating payments capabilities as a result of its partnership with U.S. Bank.
In an announcement on Wednesday (Feb. 27), project44 revealed that U.S. Bank Freight Payment technology will integrate project44’s Advanced Visibility Platform, a solution designed for shippers and logistics providers to connect and view freight documentation. The deal will enable U.S. Bank customers to view and manage documentation and information necessary to initiate payments to their partners, the firms noted.
“U.S. Bank Freight Payment exists to increase efficiencies and streamline collaboration between shippers and carriers, and we continue innovating to make invoice processing and payment a better experience for both parties,” said U.S. Bank Global Transportation Senior VP and General Manager John Hardin in a statement. “With the project44 platform, we are enhancing shipper freight payment experiences and helping carriers get paid faster.”
The companies pointed to the process of audit exceptions, which traditionally require manual review of paperwork, including invoices. In the press release, project44 said that resolving these exceptions can take as long as 72 hours. U.S. Bank customers can now automate this process using project44 technology.
“Our work with U.S. Bank Freight Payment shows Advanced Visibility goes beyond just providing more accurate and predictive shipment tracking information – it delivers end-to-end supply chain visibility, including automation of payment and other key transportation processes,” explained project44 President Tommy Barnes in another statement.
He added that the integration provides visibility and automation for companies “from the moment a company begins planning a shipment, to the point that they pay freight charges,” noting that this functionality can reduce costs, boost efficiency “and deliver an Amazon-like experience” for joint customers.
In an interview with PYMNTS last year, Barnes explained the biggest challenges of legacy technology in the freight and logistics market, and the role of technologies like APIs to address “billions of dollars of waste [that] continue to run through the ecosystem, as industry stakeholders attempt to solve connectivity issues with legacy tech, manual processes and operational workarounds.”