Citi and GT Nexus launch innovation for ocean freight logistics
Common solution: Electronic invoice and payment system for ocean freight A strategic partnership of Global Transaction Services (a business unit of the financial services company Citi) and GT Nexus opens new opportunities to container shipping companies and their freight forwarding customers to handle payments. The two enterprises are offering an electronic invoice presentment and payment (EIPP) solution to the ocean freight industry. By automating these processes and the use of GT Nexus‘ on-demand technology, Citi clients will benefit from a fully electronic option to present, approve, adjudicate, pay and reconcile ocean freight invoices. “That will result in improved cash-flow visibility, accelerated payment settlement and lower costs,” they state in a press release. "Citi has already achieved great success in the air freight business and has a long history of delivering innovative solutions that have transformed the air freight bill payment processes. We will modify this existing solution to make similar strides in the ocean freight business. We are looking forward to continue this journey with a partner like GT Nexus," said Brent Flynn, Global Logistics Sector Head with GTS. Citi has approximately 200 million customer accounts and is represented in more than 140 countries. Through Citicorp and Citi Holdings, the enterprise provides private clients, corporations, governments and institutions with a broad range of financial products and services. This includes private clients banking and credit, corporate and investment banking, securities brokerage, and wealth management. GT Nexus runs the world’s only on-demand global trade and logistics portal. Today more than 40,000 registered users from over 15,000 organizations use the capabilities on the portal to optimize the global flow of goods and trade information from order point to final payment. GT Nexus connects the physical and financial supply chains. This allows buyers, sellers, banks and logistics providers to work over a common platform with a core set of information that supports multiple trade and logistics functions. GT Nexus customers include Nestlé, Procter & Gamble, ZARA (Inditex), Hellmann Worldwide Logistics, The Home Depot and Xerox. Quelle: Österreichische Verkehrszeitung |