Raft and PayCargo Partner on Payment Process for Freight Forwarders
Freight bookings and accounts payable (AP) management company Raft has partnered with all-in-one logistics payment platform PayCargo to enhance the payment process for freight forwarders.
With the integration of PayCargo, Raft — which was formerly Vector.ai — will expand the capabilities of its new artificial intelligence (AI) payment functionality tool, the companies said Tuesday (Nov. 15) in a press release.
This, in turn, will enable freight forwarders to further automate their operations, eliminating the need to manually click through invoices, input data and make payments, according to the release.
“With the integration of PayCargo into our new one-click payment capabilities, we are arming forwarders with yet another tool they can use to solve advanced supply chain challenges with modern solutions, while freeing up their human labor to perform tasks that move the needle along the bottom line,” Raft Chief Growth Officer Lionel van der Walt said in the release.
The partnership and integration will also enable reconciliations that are sent at the end of each week and month, automated payment flows, and a central oversight and approval process that is audited and tracked.
In addition, PayCargo customers will benefit from Raft’s integration with the CargoWise transportation management system (TMS), which reduces manual data input and reconciliation, the release said.
“Raft’s relationships with major TMS systems helps the vast majority of our customers who use these solutions and enables a quick and easy roll out of our capabilities within Raft for payments,” PayCargo CEO Eduardo Del Riego said in the release.
Digital payments help solve problems in the logistics industry by moving funds quickly, along with all of the data payers and vendors require, PayCargo Chief Operating Officer and Co-founder Juan Carlos Dieppa told PYMNTS in a March interview.
“We have a saying at PayCargo that ‘data is today’s currency,’ because the data becomes almost more important than the payment itself,” Dieppa said at the time.
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