JPMorgan launches freight payment, audit service
JPMorgan said it has launched a freight payment and audit service that will help importers and exporters lower freight costs, gain greater control of global transport operations, and obtain more insight into supply chain sourcing and shipping decisions.
“The shipment of goods grows more complicated when multiple providers, countries, currencies and differing tariff structures are involved,” said Bernie Hart, global product executive, JPMorgan Global Trade Services. He said the service would give businesses “greater opportunity to cut costs from their freight operations and to streamline the management of multiple suppliers across different geographies.”
The service includes:
' Collection of freight data, such as invoices, purchase orders and rate sheets and deposit of that information into a centralized database.
' Audit of charges such as freight rates.
' Allocation of charges, including matching documents to identify product lines or cost centers.
' Payment, using a customized Web portal where charges can be reviewed and payments made via a JPMorgan account or financed through JPMorgan Supply Chain.
' Reconciliation. Disputed invoices and charges are automatically shared with carriers within 24 hours of analysis, and JPMorgan trade experts work with the vendor on validating the charges.
' Analysis. The database stores all freight-related cost information and reports can be created to track freight spending, evaluate service levels, pinpoint inefficiencies or other purposes.