PRESS RELEASE:
CHATTANOOGA,May 19, 2022
FreightX powered by Mastercard Track™ Business Payment Service helps carriers, shippers and brokers enable 24/7 payment flexibility, increase liquidity, streamline reconciliation, and enhance working capital through an integrated digital network.
Transcard today launched FreightX, a payment solution designed to address the specific needs of the freight and logistics industry. The solution integrates with Mastercard Track, one of the first open-loop B2B commercial networks that simplifies and automates the exchange of payments-related data between the world’s Buyers and Suppliers. The FreightX end-to-end platform enables carriers, shippers, and brokers to accelerate payments within their existing digital ecosystem, while boosting liquidity through simplified access to secure finance, and saving time through automated payments and processes.
A lack of liquidity for carriers impacts their capacity and ability to deliver for their customers. Payment inefficiencies across the freight ecosystem also have been exacerbated over the past two years. Sixty-five percent of payments to for-hire freight carriers are made by check and are manually reconciled. Trucking and logistics companies must manage standalone systems and processes for all the ways that they make and receive payment. And physical delays cause delays in payments and disputed transactions.
“Making, managing and receiving payments in the freight industry is an enormous back-office effort with multiple and often non-standard manual processes being required by different stakeholders,”
said Transcard President Chris Fuller.
“Alleviating the financial friction for freight companies will go a long way to delivering scalable efficiencies across the industry. Through our collaboration with Mastercard, we are combining technologies to ensure that FreightX makes it simpler for carriers, shippers, and brokers to leverage digital payments and working capital solutions.”
Commenting on the collaboration, Claire Thompson, Executive Vice President, Global Trade, Enterprise Partnerships at Mastercard said,
“Mastercard is embedding payments and finance across the value chain to help freight and logistics organizations drive optimization, increase resilience and realize competitive advantage. Through integration with Mastercard Track, FreightX delivers flexibility and automation, increasing payment assurance for Buyers and Suppliers and enhancing liquidity across the ecosystem.
Ultimately advancing a healthier trade ecosystem where commerce can flow securely and freely.”
ABOUT THE SOLUTION
FreightX is a single, digital solution with features and functions purpose-built for the unique payments and working capital needs of the freight industry. With the agility to embed within any ERP or TMS, the solution fully integrates with any existing freight business processes, removing the challenges associated with siloed platforms. Powered by Mastercard Track™ Business Payment Service, FreightX provides an integrated gateway to multi-rail payments, enabling immediate payments with 24/7 availability and real-time visibility into the status of all pending, in-process and completed payments. In addition, FreightX can connect to any bank account without requiring treasury changes and can offer supply chain financing propositions as part of Mastercard Track’s suite of built-in value-added capabilities.
ABOUT TRANSCARD
Transcard makes 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, B2C payments, B2B2C payments, A2A automation, BaaS. 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.
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