US Bank extends freight-payments trade finance system to Europe

Source: US Bank

U.S. Bank is expanding its industry-leading freight-payment trade finance service into Europe.

Through its subsidiary, Elavon Freight Payment, the bank will allow shippers to hold onto their cash longer while accelerating payment to their carriers -- and offer carriers a cost-effective alternative to factoring and other financing options commonly used in Europe today. The new trade finance tool is the first solution of its kind on the continent.

The new trade finance capability joins a suite of recent enhancements to Elavon Freight Payment that reflect Europe's diverse business, legal and regulatory environments. The offering provides an automated solution for some of Europe's most labor-intensive freight-payment processing needs, including VAT support and consolidated invoice processing. Customers can choose German-, French-, or English-language platforms.

"As a financial institution, Elavon Freight Payment is uniquely positioned to offer this efficient method of improving cash flow for both shippers and carriers," said Rick Erickson, global director of Freight Payment Solutions for U.S. Bank. "We're excited to expand our industry-leading capabilities to a wider range of customers."

A division of U.S. Bank's Corporate Payments business, Elavon Freight Payment gives users greater visibility into their global transportation spend and more complete, timely data with which to make business decisions. In addition to improving processing efficiencies for European shipping operations, the expanded system reduces costs by automating manual processing and optimizing cash flow.

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