Vector.ai (Vector), the productivity platform for freight forwarders, today announced the introduction of payment integrations; an industry first, empowering freight forwarders to automate their operations and free up their human workforce.
These integrations bring together Vector’s AI workflows, financial payments, automated accrual reconciliation, and a sleek workflow interface to allow freight forwarders to pay creditors much faster, reducing cargo clearance times. .
Vector customers will have a live view of payments to be made and can simply press a button to clear them all from the Vector app, automating every step of the payment process. Users will be able to select the right financing solution for their situation or set custom rules with various financial partners to automate much of the decision making.
When it comes to reimbursing financiers, these accruals will be reconciled with the original invoice, maintaining a holistic view of payments at all times and providing deeper visibility into a freight forwarder’s financial health as well. only actionable information applicable to future reservations.
Customers will have access to an advanced payment partner ecosystem that can be configured at the creditor level, allowing the user to simply click the “pay” button. Automatic reconciliation will transfer the adjustments to ‘published’ then ‘paid’ when the user presses the ‘pay’ button.
Vector’s platform will scan the documents and automatically add the charges for transaction fees in CargoWise TMS against the shipment with the correct creditor code. Users can track their payments through Vector’s sleek and easy-to-use workflow interface that manages your finances through an inbox with all pending payments, payment status and tracking, and payment monitoring. cash flow at company or shipment level.
360-degree payment capabilities will work seamlessly with Vector’s existing suite of financial capabilities such as AP bill sorting, instant payments, and centralized financial reporting.