Citi and GT Nexus Launch Electronic Invoice Payment Service for Ocean Logistics

Citi Global Transaction Services (GTS) and GT Nexus have announced a partnership to deliver an Electronic Invoice Presentment and Payment (EIPP) solution to the ocean logistics industry. The partnership will leverage the former’s existing electronic invoice settlement expertise, currently offered to the air logistics industry, with the connectivity and standardization technology of the latter’s trade and logistics portal.

The solution will provide ocean carriers and their freight forwarder customers with a fully electronic means to present and pay ocean freight invoices.

By automating these processes and leveraging GT Nexus’ on-demand technology and implementation expertise, Citi 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.

GT Nexus, www.gtnexus.com