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JPMorgan has joined with Trax Technologies, Inc., a global transportation-management company, to offer a suite of logistics and financial services. The venture includes supply-chain financing capabilities for Trax's integrated customer base of freight carriers and shippers. Clients get a combination of financing and outsourced freight services that automate and manage a carrier's billing process. Trax's freight-invoicing service manages the billing and accounts receivable process. Carrier's benefit from reductions in day's sales outstanding, as well as a more cost-effective and compliant billing infrastructure, the companies claimed. With the addition of JPMorgan's supply-chain financing service, Trax can extend the shipper's payment terms, while enabling the carrier to discount its receivables for cash. Carriers can automatically or manually select receivables to discount, and decide how and when they wish to receive payment. Carriers will be notified of, and have the option to sell to JPMorgan, confirmed invoices that meet eligibility criteria. They receive payment from JPMorgan of a discounted price for the invoices purchased, along with comprehensive remittance data.
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