MINNEAPOLIS--(BUSINESS WIRE)--This month, U.S. Bank® announced that the United States Department of Defense (DoD) extended its long-term contract to use U.S. Bank Freight Payment, which leverages the Syncada® from Visa network. For fourteen years, the DoD has used U.S. Bank's transportation invoice processing, audit, payment, and financing solution to drive down costs, automate processes, connect agencies around the world, and improve both the accuracy and timeliness of payments. By increasing efficiency, the DoD saved millions of dollars, with the relationship growing from 554,081 invoices in 1999 to more than 11 million in 2012.
Many organizations choose outside resources to manage complex accounts payable spend categories like transportation. Corporations and government agencies must navigate complicated rates and contracts, industry-specific accessorial charges, and required regulatory paperwork. Delivered as software-as-a-service (SaaS), Syncada offers users a robust pricing engine for the audit of every invoice, an online platform for buyers and carriers to collaborate, and flexible business intelligence tools to create reports and analyze results.
“We are delighted that the Department of Defense continues to benefit from our unique network and freight expertise through our partner, U.S. Bank,” states Kurt Schneiber, Chief Executive Officer at Syncada. “Valuable input from Department of Defense users helps to shape the network, allowing all users to improve visibility and solve business problems.”
To learn about how Syncada helps organizations manage their freight processing, audit, and payment, visit http://www.syncada.com/FreightPayment.aspx.
About Syncada
Syncada from Visa provides a business-to-business network for financial institutions to enable clients to increase control over their financial supply chains, regardless of language or currency. Financial institutions use Syncada to deliver standardized invoice processing and payment with integrated financing to their corporate and government clients. Syncada processes invoices for hundreds of buyers and makes payments to tens of thousands of suppliers in 47 countries. In 2012, Syncada processed more than US$21 billion in payments and millions of invoices and trade documents. Visit www.syncada.com for more information.