Freight industry invoice reconciliation and payment processing now enhanced through data integration
CHATTANOOGA, Tenn., Sept. 27, 2023 /PRNewswire-PRWeb/ -- Transcard and Kleinschmidt Inc. announce a strategic partnership to drive automated business value for shared clients with FreightX—an end-to-end freight processing solution. Time spent handling invoice disputes between shippers and carriers can now be reduced, saving several hours every week by relieving manual processes.
FreightX helps shippers forecast carrier charges by providing an immutable digital ledger that is shared by both shippers and carriers, to enable real-time draft invoice visibility. This paves the way for reduced fraud, fewer invoice disputes, and less time spent conducting freight audits. Furthermore, FreightX leverages Transcard's secure, streamlined payment processing and financing in real-time to reduce cash flow issues due to carrier payments being released sooner.
For shippers, FreightX eliminates the need for costly third-party services and inaccurate freight processing by giving control back to them to manage all data in one embedded payment portal. Additionally, with data and insights in one place, invoice disputes can be resolved, saving carriers' back-office costs and allowing them to get paid faster.
Kleinschmidt's role in the process is data integration. The freight industry currently suffers from custom and fragmented processes to secure a load or freight movement, update the status of that movement, and provide an invoice for services rendered. The Kleinschmidt network connects thousands of shippers and carriers to enable supply chain system integration for each of these steps. Their network transforms data and transmits billions of data messages each year that keep the supply chain running.
The new partnership allows for relevant data from these transactional data messages to integrate with the FreightX solution for the two companies' shared customers.
"We are excited to partner with Kleinschmidt to provide even more value with the FreightX solution. By integrating FreightX with clients' transactional data, we can extend operational efficiency," said Chris Fuller, President of Transcard. "Kleinschmidt was a natural partner for this initiative, due to the volume of supply chain data that they process and their best-in-class uptime and security."
Dan Heinen, CEO of Kleinschmidt, agrees, stating that "when our clients authorize us to enable a data feed to Transcard, details from each load will be aligned within the secure digital ledger behind FreightX. These are the details that back-office personnel go searching for, before an invoice can be paid."
To learn more about Transcard and the FreightX solution, please visit the Transcard website.
About Transcard
We make frictionless payments a reality with comprehensive global payment solutions designed for banks, fintechs, and businesses of any size and in any industry. We deliver solutions for B2B payments, C2B payments, B2B2C payments and A2A automation.
Our solutions combine unmatched multi-rail capabilities, embedded workflows, best-in-class integration, effortless reconciliation, and bank-grade security. These are some of the reasons that 550 businesses and more than 200 banks trust us with their payments.
About Kleinschmidt
Kleinschmidt builds and supports custom electronic data interchange, B2B messaging and API integration solutions that power digital commerce for top brands. They enable firms of all sizes to exchange crucial business data with any trading partner imaginable. Kleinschmidt's complex any-to-any integration capabilities span all formats, business systems and industries, with full support for legacy and emerging technologies.
Media Contact
Transcard, Transcard, 1 4235535200, [email protected], https://www.transcard.com/
SOURCE Transcard
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