US Bank, part of the fifth-largest commercial bank in the United States, is launching a payment solution in Europe aimed at the freight industry that it said will allow shippers to hold on to cash longer while accelerating payments to carriers.

The bank’s subsidiary, Elavon Freight Payment, claimed it was the first solution of its kind for the freight industry in Europe. In addition to allowing shippers to hold onto their money longer while accelerating payment to their carriers, it claimed the solution “offers carriers a cost-effective alternative to factoring and other financing options commonly used in Europe today”.

It said the new trade finance capability joined a suite of recent enhancements to Elavon Freight Payment that reflect Europe’s diverse business, legal and regulatory environments. “The offering provides an automated solution for some of Europe’s most labour-intensive freight-payment processing needs, including VAT support and consolidated invoice processing”, the company said. Customers can choose German, French, or English-language platforms.

“As a financial institution, Elavon Freight Payment is uniquely positioned to offer this efficient method of improving cash flow for both shippers and carriers,” said Rick Erickson, global director of Freight Payment Solutions for US Bank. “We’re excited to expand our industry-leading capabilities to a wider range of customers.”

A division of US Bank’s Corporate Payments business, Elavon Freight Payment claims to give users greater visibility into their global transport spend “and more complete, timely data with which to make business decisions”. In addition to improving processing efficiencies for European shipping operations, it said the expanded system reduces costs by automating manual processing and optimizing cash flow. Source: Lloydsloadinglist.com

Also view the following article – US bank launches e-invoice base freight payment trade finance service (www.eeiplatform.com)