Citi’s Global Transaction Services (GTS) and GT Nexus, have singed a strategic partnership to deliver an electronic invoice presentment and payment (EIPP) solution to the ocean logistics industry.
Reportedly, the partnership will leverage Citi’s existing electronic invoice settlement services, currently offered to the air logistics industry, with the connectivity and standardization technology of the GT Nexus trade and logistics portal. It expects that the solution will provide ocean carriers and their freight forwarder customers a fully electronic means to present and pay ocean freight invoices.
The bank has said that by automating these processes and leveraging GT Nexus’ 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.
Brent Flynn, global logistics sector Head, GTS, said: “Citi has already achieved much success in the Air Cargo space and has a long history of delivering innovative solutions that have transformed the air freight bill payment process. We look to modify this existing solution and make similar strides in the ocean space. We are very excited to continue this journey with a partner like GT Nexus.”
Amol Gupte, head, treasury and trade solutions of North America, GTS, said: “This is consistent with our strategy to build a global EIPP offering. Container shipping is a huge, $200 billion industry that will see tremendous benefit through automation of the financial settlement process.”
