Citi and GT Nexus Launch EIPP Service for Ocean Logistics
Citi’s Global Transaction Services (GTS) and GT Nexus have partnered to deliver an electronic invoice presentment and payment (EIPP) solution to the ocean logistics industry. The partnership will leverage Citi’s existing electronic invoice (e-invoice) settlement expertise, currently offered to the air logistics industry, with the connectivity and standardisation technology of the GT Nexus trade and logistics portal. The solution is designed to provide ocean carriers and their freight forwarder customers a fully electronic means to present and pay ocean freight invoices.
By automating invoice processes, Citi says that its clients will benefit from a fully electronic option to present, approve, adjudicate, pay and reconcile ocean freight invoices that will result in improved cash-flow visibility, accelerated payment settlement and lower costs.