Merchant Innovation

Freightos Launches Online Freight Marketplace

Shipping is a $77 trillion global industry, and Freightos, a logistics technology company, wants a piece of it.

The company announced recently that it was launching an online freight shipping marketplace designed to leverage technology to improve the inefficient freight shipping business, which Freightos says amounts to about 26 percent of all containers shipped annually and about 30 percent of all trucks on the road being empty.

“Until today, the freight industry was reminiscent of the travel industry in the 1970s: siloed information, lack of pricing transparency and obsolete analog documentation, resulting in importers often having to wait days for a single freight quote and overpaying by as much as 40 percent,” Freightos said in a statement introducing its new online marketplace. “For the SMEs that make up 97 percent of U.S. importers, these waiting periods and inflated prices significantly limit potential for growth. The Freightos Marketplace is finally delivering ease and transparency to the trillion-dollar market of international freight, powering smoother international trade.”

Freightos says that companies can now use its online marketplace to get instant, “incredible rates” on freight quotes, then book and manage shipments online at any time.

“The logistics industry is the backbone of global trade. At $4 trillion, it accounts for about 10 percent of the world’s GDP. But this foundation of the international economy is slow, opaque and offline,” Zvi Schreiber, founder and CEO of Freightos, said in a statement. “Over the last four years, Freightos has brought some of the world’s largest logistics providers online. Today, we are thrilled to launch the world’s first online marketplace, which will make shipping goods as easy as booking a flight online. The future of global trade starts today.”

Freightos’ online freight shipping marketplace can be accessed here.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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