JPMorgan, Trax form alliance
JPMorgan and transportation management company Trax Technologies Inc. said they have formed an alliance to jointly offer logistics and financial services.
The services will include supply chain financing services for Trax's freight carriers and shippers. Trax said it has the largest message network in the logistics industry with connections to more than 450 logistics service providers worldwide.
The companies said with financing added to outsourced freight services that automate and manage a carrier's billing process, the combined Trax offering enables carriers and their customers to further optimize their working capital and cash flow.
Trax's outsourced freight invoicing service automates and manages the billing and accounts receivables process. Carriers will benefit from reductions in days sales outstanding and a more cost-effective and compliant billing infrastructure. By adding JPMorgan's supply chain financing solution, Trax can extend the shipper's payment terms while enabling the carrier to discount its receivables for cash.