Vector.ai adds freight forwarder financing tool
Vector.ai announced the introduction of payment integrations into its freight forwarder productivity platform.
With automated financial management through the platform and network of partners, freight forwarders will be able to further automate their operations, free up their human labor and pay creditors much faster to reduce cargo clearance times, said the company in a press release. Press release Thursday (August 4).
“Through these integrations, we bring a sophisticated and comprehensive solution [artificial intelligence] financing tool that will not only enable freight forwarders to reduce their physical labor burden and provide actionable freight spend data, but also automate payments,” said Vector.ai co-founder and CEO James Combes.
With the new integrations, Vector customers will be able to automate every step of the checkout process, the company said. They will have access to a range of payment partners, automatic reconciliation, automatic addition of transaction fee accruals and a workflow interface that helps them track their payments.
“Our payment network eliminates time spent on data entry and speeds up payment time, facilitating faster release of goods and reducing the risk of incurring unnecessary fines,” Coombes said in the statement.
In May, Air Cargo News announced that digital air cargo booking portal WebCargo can now directly process real-time rates and payments for freight forwarders and airlines, allowing freight forwarders to pay for bookings on the platform rather than to use a separate tool.
Read more: Airfreight booking company WebCargo launches payment tool
“Freight and payments are the foundations of global trade, but both introduce friction,” said Zvi Schreiber, CEO of Freightos Group, part of WebCargo. “Until now, freight forwarders have been booking freight on one platform and paying on another, which is like shopping on Amazon but paying on PayPal.”