Targets $500 million in industry cost savings with EIPP solution
Deutsche Bank and INTTRA announced the launch of a joint partnership to drive new efficiencies and cost savings in the $260 billion ocean container shipping industry. INTTRA, a leading global provider of e-commerce solutions to ocean carriers and their customers, will expand its e-commerce services in the 4th Quarter, 2009 to offer carriers the ability to automate inefficient invoicing processes. The partnership includes leveraging eBills, Deutsche Bank’s electronic invoice presentment and payment (EIPP) platform. This joint service will combine the connectivity of INTTRA’s multi-carrier platform that hosts the largest global network of shippers with Deutsche Bank’s db financial supply chain solutions.
Invoicing, dispute resolution and payment processes represent a significant area of inefficiency and cost for the industry. There are an estimated 150 million invoice transactions processed a year for ocean shipping with average costs ranging from $20 - $60 per invoice depending on the processes used. Implementing an electronic solution can cut average transaction processing costs by more than half. Carriers also benefit from accelerated collection of their accounts receivable and improved working capital, making cash available sooner. Shippers and logistics providers profit from having a standardized accounts payable process for receiving, processing and paying all of their invoices, improving visibility of their cash liabilities and providing a transparent dispute resolution process, all of which create efficiencies and save time for their staff. Additionally, digitization of the invoices within the ocean freight industry could preserve approximately 75,000 trees per year, a significant contribution to environmental conservation.
Daniel Rosenstein, Americas Head of Business Expansion & Treasury Solutions Sales, Global Transaction Banking, Deutsche Bank, said, “We are excited to have the opportunity to partner with INTTRA and to expand our relationships with billers and payers through our global financial supply chain management services. This is consistent with our strategy to form alliances with ‘best in class’ e-commerce solution providers. We look forward to working with INTTRA and its customers to provide significant cost savings and efficiencies.”
Ken Bloom, Chief Executive Officer, INTTRA, “With more than 260,000 container orders initiated on the INTTRA platform each week, representing over 10% of global ocean container trade, we look forward to offering all carriers and their shippers the added benefits of an online electronic invoicing solution. Deutsche Bank’s proven technology, experience, global reach, and alignment with INTTRA’s strategy will help to create new efficiencies and cost savings in the ocean container shipping industry.”