U.S. Bancorp to Expand Freight-Payment Trade Finance
Through its Brussels-based Elavon Freight Payment subsidiary, U.S. Bancorp is extending its freight-payment trade finance service into Europe. Through this new trade finance tool, U.S. Bancorp will aid shippers to hold cash for a long time and release the payment of carriers first. Further, carriers will be provided with cost-effective options and other finance alternatives, the process common in Europe.
Elavon Freight Payment is extending such trade finance services following the diverse business in Europe and stringent regulatory landscape. Such remarkable finance tools will provide mechanized resolutions to some of Europe’s most labor driven freight-payment processes such as VAT support and consolidated invoice processing. Moreover, German, French or English can be used by customers.
Elavon Freight Payment, the unit of U.S. Bancorp’s Corporate Payments business, provides clients detailed information about global transportation expenses, which aid it in taking business decisions in a timely manner.
With the aim of expanding its unique capabilities to a wide range of clients, Elavon Freight Payment is offering a system of facilitating cash flow for shippers and carriers. Additionally, such tool would improvise European shipping operations and further reduce costs as manual work will be mechanical and cash flow would be optimum.