Categories: B2B Payments

Vector Adds Automated Invoicing To Fleet Management Portal

Fleet management platform Vector is expanding its Delivery-to-Cash offering with the introduction of automated invoicing and accounts receivable functionality.

In a press release Monday (Jan. 27), Vector said it will launch automated billing within its portal that integrates cloud, mobile and on-premise treasury management system software to facilitate the invoicing process immediately upon delivery of goods, an effort to help fleets cut costs, the company said.

Rendition billing will eliminate manual data entry and automate data capture from fleet drivers while on the road including trip pay, weight and other metrics, from mobile devices in use by those drivers. Load data is automatically populated into invoices, which can be combined with other delivery documents from existing treasury management portals. Invoices can be emailed, with the platform supporting invoice status tracking.

“At Vector, we are committed to the best experience for both drivers and the back office when it comes to our Delivery to Cash solutions,” said Vector Head of Product Nathan Creswell in a statement. “As we started in mobile document capture, we soon realized that an integrated rendition billing offering would complete the end-to-end story for our customers and further reduce their time to invoice. We are excited to complete general availability for these modules and begin offering it to any fleet in North America.”

FinTech is increasingly exploring financial and payments automation for the fleet industry, a particularly challenging market considering the mobility of drivers.

Some of the latest innovations include the potential use of autonomous vehicles to automate payment.

When it comes to optimizing spend and managing expenses, however, disparate data remains a top challenge.

“Every manager needs to consider cargo optimization, route planning, scheduling and dispatch, among other functions,” the PYMNTS Workforce Spend Playbook noted. “Fuel must be purchased and vehicles must be serviced and eventually replaced. A single vehicle may last years, but managers should pay close attention to such long-term concerns to prevent operations from coming to a standstill.”

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The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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