Partnership with PayCargo strengthens Raft’s (formerly Vector.ai) new automated payment functionalities
LONDON, Nov. 15, 2022 (GLOBE NEWSWIRE) -- Raft, the intelligent freight command center, today announced the integration of PayCargo, an all-in-one logistics payment platform, that will broaden the capabilities of Raft’s new AI payment functionality tool; an industry-first, furthering freight forwarders’ ability to automate their operations and thereby empower their human workforce to focus on value-add activities. Raft users will have access to PayCargo’s suite of payment options, saving significant time, costs and avoiding large operational risks.
PayCargo’s one click payments will be available through the Raft platform, providing a fully automated financial and invoicing experience. Additionally, Raft users will be able to reconcile PayCargo payments within Raft’s sleek operational workflows with just one-click. Automatic updates and accruals are created through the integration that can be seamlessly translated into our customer’s ERP or TMS system.
“Having to manually click through invoices, input data and make payments is a large operational time vacuum, many mid-size forwarders spend up to half a day per week manually reconciling across disparate systems,” said Lionel van der Walt, Chief Growth Officer, Raft. “With the integration of PayCargo into our new one-click payment capabilities, we are arming forwarders with yet another tool they can use to solve advanced supply chain challenges with modern solutions, while freeing up their human labor to perform tasks that move the needle along the bottom line.”
The time saved with automated payment options also reduces operational risk as reconciliations are sent at the end of each week and month, a currently manual process that sees forwarders cross checking their TMS, invoices and PayCargo to see whether information properly aligns across disparate systems. Automated payment workflows within Raft mitigates manual data entry in PayCargo to execute payments. The improved operational governance provided by the Raft platform affords a central oversight and approval process, which is audited and tracked.
“Raft’s deep and existing connections with TMS systems, such as CargoWise, made selecting their platform for integration a no-brainer,” added Eduardo Del Riego, CEO, PayCargo. “Raft's relationships with major TMS systems helps the vast majority of our customers who use these solutions and enables a quick and easy roll out of our capabilities within Raft for payments.”
PayCargo customers also benefit from the integration with Raft. PayCargo receives many requests to integrate with CargoWise to avoid manual data input and reconciliation versus the CargoWise TMS. Raft’s deep CargoWise integration and integration with PayCargo can finally satisfy these requests and automate repetitive, time intensive data tasks.
Raft is an automation platform 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 Raft 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. Raft was recently featured as a leading ‘enabler’ for freight forwarding by Menlo Ventures.