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GT Nexus has forged a partnership with the Global Transaction Services (GTS) arm of financial-services giant Citi. The deal creates an electronic invoice presentment (EIPP) and payment service for the ocean logistics industry. It draws on Citi's expertise in electronic invoice settlement, currently being offered to the air logistics industry, coupled with the trade and logistics portal of GT Nexus. According to the two companies, the arrangement will give ocean carriers and freight forwarders a fully electronic means of presenting, approving, adjudicating, paying and reconciling ocean-freight invoices. Amol Gupte, North America head of treasury and trade solutions for GTS, said the partnership is consistent with the company's strategy to build a global EIPP offering. The companies said the service will eliminate inefficiencies that are common to standard paper invoice presentment and payment processes. GT Nexus claims a roster of 40,000 registered users, from more than 15,000 organizations, of its on-demand global trade and logistics portal.
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