Automated finance management via the Vector.ai platform and partner network allows forwarders to automate their financial operations.
London — Vector.ai (Vector), the productivity platform for freight forwarders, today announced the introduction of payment integrations; an industry-ﬁrst, furthering freight forwarders’ ability to automate their operations and free up their human workforce. These integrations bring together Vector’s AI workﬂows, ﬁnancial payments, automated accrual reconciliation and sleek workﬂow interface to empower freight forwarders with an ability to pay the creditors much faster, reducing goods clearing times.
Vector customers will have a live view of which payments need to be made and will be able to simply press a button to clear them all from the Vector application, automating every step of the payment process. Users will be able to select which ﬁnancing solution is right for their circumstances or set up custom rules from a variety of ﬁnancial partners to automate much of the decision-making. When it comes to paying back ﬁnanciers, these accruals will be reconciled against the original invoice, maintaining a holistic view of payments at all times and providing a deeper visibility into a forwarder’s ﬁnancial health as well as actionable insights applicable to future bookings.
“Having ‘robots’ pay the bills is a concept that has been adopted on a personal level, but in the business world it’s something that we have largely shied away from,” said James Coombes, co-founder and Chief Executive Ofﬁcer, Vector.ai. “Through these integrations, we are bringing a sophisticated and well-rounded AI ﬁnance tool that will not only allow forwarders to lessen the burden on their physical labor and provide actionable data into freight spends, but also automate payments.”
Customers will have access to an advanced ecosystem of payment partners that can be conﬁgured at the creditor level, enabling the user to simply click the ‘pay’ button. Automatic reconciliation will transfer accruals to ‘posted’ and then ‘paid’ when the user presses the ‘pay’ button. Vector’s platform will scan documents and automatically add any accruals for transaction fees into CargoWise TMS against the shipment with the correct creditor code. Users can keep track of their payments through Vector’s sleek and easy-to-use workﬂow interface that manages your ﬁnances via an inbox with all pending payments, payment statuses and tracking, and cash ﬂow monitoring at a company or shipment level.
“Insights into your ﬁnances are critical for smooth operation,” added Coombes. “In the past, our customers have struggled with an ability to pay quickly and manage their cash ﬂow as it was impossible for them to reconcile their transactions and they were forced to repeat data entries. VectorPay eliminates time spent on data entries and speeds up the time to payment, facilitating quicker release of goods and reducing the risk of taking on unnecessary ﬁnes.”
The 360 degree payment capabilities will work seamlessly with Vector’s existing suite of ﬁnancial capabilities such as AP invoice sortation, instant payments and centralized ﬁnance communication.
“Shippers require elastic freight forwarders,” concluded Coombes. “Vector’s payment integrations are another step for forwarders to become fully automated, totally digitally-transparent partners for their customers.”
Vector.ai is an automated operating system for Freight Forwarders. From bookings to accounts payable, the solution aims to fully automate workﬂows within the shipment lifecycle. Trusted by some of the world’s largest multinational freight forwarders, the Vector.ai platform handles over 1.3 million transactions per month and is deployed to thousands of users in over 20 countries across Europe, Asia, Australasia, and the USA. Vector.ai was recently featured as a leading ‘enabler’ for freight forwarding by Menlo Ventures.