PayCargo and Rippey AI have partnered to connect artificial intelligence (AI) with both payable and receivable invoices in the logistics industry.
By doing so, they aim to connect invoice automation and transaction processing to drive efficiency across the industry, the companies said in a Thursday (Feb. 29) press release.
The companies also plan to use AI technology to automate the payment transaction for the payer and the receiver after an invoice has been issued, according to the release.
This partnership brings together PayCargo’s and Rippey AI’s expertise in both invoice automation and payment processing, the release said.
PayCargo, a logistics payments and data infrastructure platform, facilitates payments to air and ocean carriers, maritime ports, ground handlers, freight forwarders, customs brokers and others, according to the release. Its network includes more than 130,000 businesses.
Rippey AI produces automation solutions for freight forwarders/non-vessel operating common carriers (NVOCCs), third-party logistics (3PL) firms, ocean carriers, trucking companies and shippers, the release said. The company’s AI solutions streamline back office, accounts payable (AP) and accounts receivable (AR) processes.
“The innovations that [Rippey AI Founder and CEO] Matt Motsick and his team have already brought to the logistics industry, along with the payments expertise and technology of our PayCargo platform, make this an ideal partnership,” PayCargo CEO Eduardo Del Riego said in the release.
Motsick added that the solutions enabled by this partnership join Rippey AI’s existing tools for logistics and supply chain companies that use AI to automate the creation of shipments, the generation of quotes and the answers to common customer service-related questions.
“The ability to innovate on the transaction process for both payables and receivables with PayCargo will ensure we continue to drive innovation across the industry,” Motsick said.
Digital payments solve a variety of challenges in the logistics industry by moving funds quickly, along with all of the data both parties require, Juan Carlos Dieppa, chief operating officer and co-founder of PayCargo, told PYMNTS in an interview posted in March 2022.
“We have a saying at PayCargo that ‘data is today’s currency,’ because the data becomes almost more important than the payment itself,” Dieppa said.
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