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U.S. BANK: Providing Value to Both Shippers and Carriers As a bank in the freight audit and
reduce errors by collaborating online and in real time,” Pape says. U.S. Bank helped a large North American retailer speed its audit function and its process for approving carrier invoices. To start, the team at U.S. Bank onboarded $800 million in carrier invoices in less than 30 days. “With our precision business rules, we quickly audited and approved their backlog of invoices, some more than 90 days past due,” Pape says. Going forward, carriers can now get paid in as quickly as 24 hours following the bank’s receipt of the invoices. These changes help the retailer maintain solid carrier relationships. offering tremendous value and benefits As more transactions are conducted online, U.S. Bank’s Small Parcel solution also offers tremendous value and bene ts. A large company in the aerospace and automotive industries was struggling with its internal routing guide compliance. The U.S. Bank team developed a cost model that compared two dominant parcel carriers, while normalizing for contract differences, such as dimensional weight divisors and service levels. “The initial model uncovered more than $1 million in savings for just two divisions,” Pape says. The company has since asked U.S. Bank to deploy its unique model to support similar analyses for other divisions. Security remains top of mind for many shippers, given ongoing stories of ransomware and other cyberattacks. “U.S. Bank has a world-class, Tier IV data center that hosts mission-critical servers and systems in a reliable, fault- tolerant, and secure environment,” Pape says. “One hundred percent of the payment and servicing functionality we offer is operated within U.S. Bank,” Pape says. “We are a heavily regulated nancial institution and, as such, our processes and systems are designed to protect our customers’ funds, and their data.” n
with web-based reporting in 2007, TransPortal+ represents another step in the evolution of Trans Audit’s Client reporting and technology deployment. This proprietary, robust, MS Power BI-based platform provides clients with key analytics and metrics, business intelligence, and reporting that is exible and rich in information. Trans Audit clients can leverage the data to take corrective action. For instance, clients can use the platform to determine which carriers are billing accurately, and which are not. They can also use the platform to implement procedural improvements. Combining information, technology, and modal expertise enables clients to ef ciently take steps, such as working with their carriers or adjusting internal processes, to ensure payments are made accurately and recurring errors are corrected, says Van Vliet. Trans Audit works collaboratively with its clients as well as with their freight audit and payment providers and carriers. “We view ourselves as a value-add to the freight audit and payment process,” says Kerwin. “We add value, as we have more time, and technical and modal resources devoted to the audit, so we can perform deeper analysis.” As a result, while the majority of Trans Audit’s clients also use freight audit and payment providers, Trans Audit still returns substantial refunds year over year. “We are the second level of insurance at no cost to our clients,” Van Vliet adds. “It’s low-risk, low-effort, and high-reward.”
payment space, Minneapolis-based U.S. Bank focuses on technology, security, reliability, and delivering solutions that offer these qualities, says Jeff Pape, general manager, transportation, with U.S. Bank. For instance, U.S. Bank’s multi- year investments in technology and data analytics help provide actionable insights that can help shippers improve their operations. “And through our consultative approach, U.S. Bank offers recommendations that provide value to both shippers and carriers,” Pape says. U.S. Bank also is able to help shippers enhance their working capital by extending transportation payments to 60 or 90 days without renegotiating contracts. Through its supply chain nance offering, U.S. Bank pays carriers upon invoice approval, and then the shippers pay the bank according to the contract terms. This service also helps shippers improve their carrier relationships, as carriers no longer have to wait for payment for 30 days or more. Especially in an era of tight capacity, maintaining strong relationships with carriers is critical to shippers’ ability to maintain healthy supply chains. U.S. Bank’s Freight Payment platform provides end-to-end visibility for both shippers and carriers. “The platform enables shippers to deliver dependable and predictable payments to their carriers. It also helps them resolve exceptions quickly and
U.S. Bank’s Freight Payment platform enables shippers to deliver dependable and predictable payments to their carriers. It also helps them resolve exceptions quickly and reduce errors by collaborating online and in real time. – Jeff Pape General Manager Transportation, U.S. Bank
96 Inbound Logistics • September 2022
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