Freight processing is plagued by invoice disputes, slow cash flow, and conflicts between parties.
The root of the problems in freight processing is that shippers, brokers, carriers, and other parties in the freight ecosystem are sitting on a mountain of information that they cannot use.
FreightX – a collaboration between Transcard, Mastercard and DLT Labs – is changing all that.
FreightX is an industry-first solution that allows all the parties involved in freight processing to share information via a secure digital ledger. The solution was designed for any shipper, broker, or carrier in over-the-road haulage in the United States. Over time, FreightX will be available worldwide.
FreightX uses advanced technology to overcome the challenges of freight processing:
- Digitally connects shippers, brokers, carriers and other parties via a distributed ledger
- Uses smart contracts to manage business rules in real-time
- Automatically updates invoices based on events in the field, as they happen
- Embeds payments and financing in freight processing for faster, frictionless cash flows
- Reconciles payments in real-time with a carrier’s ERP, TMS or system of record
While FreightX is new, the technology it is built on is proven. The distributed ledger technology used by FreightX powers one of the world’s largest blockchain deployments. And the payments and financing technology embedded in FreightX is used every day by hundreds of banks and businesses.
What are the benefits of freight processing automation?
FreightX was designed for shippers who struggle with back-and-forth emails and phone calls with carriers trying to resolve disputes and are tired of paying third-party services to audit invoices.
FreightX can help shippers:
✓ Improve control of freight spend
✓ Reduce the need for costly third-party audit services
✓ Eliminate carrier conflicts over invoice disputes
✓ Protect customer relationships through stronger carrier relationships
✓ Better utilize their existing infrastructure
Carriers may be a good candidate for FreightX if they are getting beaten up by cash flow delays, high back-office costs, and punitive early pay fees from disputed invoices.
With FreightX, carriers can:
✓ Virtually eliminate invoice disputes
✓ Streamline their back-office processes
✓ Accelerate cash flow without paying punitive fees
✓ Strengthen relationships with shippers
Transcard, Mastercard, and DLT Labs recently showcased FreightX at the Manifest, one of the largest freight and logistics events in the U.S., and the response exceeded all expectations. The companies also participated in a well-attended panel discussion on how advanced technologies such as smart contracts, distributed ledger platforms, and embedded payments can accelerate cash flow.
It’s clear that shippers, brokers, and carriers are fed up with outdated approaches to freight processing. FreightX is establishing a new paradigm in end-to-end freight processing.
