JPMorgan Global Trade Services has developed a new Freight Payment and Audit service, offering electronic payment and transportation management for importers and exporters. The multi-currency product offers multiple credit and non-credit payment options. Program oversight is managed via the firm's freight-payment hubs in North and South America, Asia and Europe. Users can gain control over the entire freight-validation, payment and information-management process, JPMorgan said. Its global trade experts manage the process and identify opportunities for reducing transportation costs. The process consists of six steps: freight data collection, audit, allocation, payment, reconciliation and analysis. For the final step, the database stores all freight-related cost data for trending and efficiency analysis. Customized reports can be created to track freight spending, support Sarbanes-Oxley compliance initiatives, evaluate service-level agreement and supplier reliability, and help pinpoint supply-chain inefficiencies.
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