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shifl to launch the first-ever no-fee instant payment and banking platform for supply chain

  • Shifl’s widely-used supply chain software is now rolling out its newest addition: A modern financial technology built alongside its sophisticated logistics technology. Creating a revolutionary Fintech-Logtech combination.
  • This innovative banking suite designed for the supply chain enables free, instant payments between parties – eliminating traditional industry payment limitations and bringing integrated data-driven payments to the entire industry.

Suffern, NY, January 20, 2022 In an industry first, today Shifl announced the release of shifl.capital, a cutting-edge FinTech solution designed to make doing business easier for supply chain companies.

This new solution allows shippers/BCOs, carriers, forwarders, brokers, terminals, truckers, warehouses, and other stakeholders in the supply chain ecosystem to initiate and accept instant and free digital payments. Companies are now able to quickly modernize their financial transactions, which is especially critical during the current supply chain crisis with faster and more efficient payments, resulting in a smoother flow of shipments.

Outdated payment systems in the industry contribute to delayed releases, lost checks, and hours spent in manual tracking and follow-ups – ultimately resulting in avoidable increased costs such as demurrage, storage, and increased port congestion.

Shipments are often held up as it could take up to five days for payments to be processed and the freight released.

At a time when the broader industry is ripe for an overhaul, and with many initiatives already in the planning stages, we’ve realized that we’re able to offer an immediate solution with our products already developed that will help everyone do business in a highly efficient and modern way”, says Shabsie Levy, CEO and Founder of shifl.

shifl instant pay finance and banking platform

shifl’s solution

To counter the above problems, shifl now offers a no-fee, instant payment and cargo visibility solution through its popular supply chain platform.

shifl.capital offers free payments to any recipient with the click of a button.

Participating providers are now able to offer their customers instant releases and/or automatic API-accessible Invoice and arrival information which further streamlines supply chain operations in unprecedented ways.

With vessel ETAs being so inconsistent in today’s chaotic environment, shifl’s software provides its users visibility into live ETA changes and vessel locations, so they can facilitate the payments to their suppliers and vendors just at the right time.

  • Avoiding cash flow issues by paying early
  • Eliminate penalties (demurrage, storage, chargebacks) if paid too late

Based on the payment schedule, the software will automatically track the releases and availability at the terminal and provide visibility for containers approaching the last free day.

Supply chain revolves around the movement of funds,” said Levy. “With the traditional payment process, it can take days to get funds transferred from one party to another, with some instances involving transfers through multiple parties for a single shipment.” added Levy.

Most companies within the industry don’t have access to technologies that can allow quick and easy payments alongside live visibility and shipment milestones,” Levy said. “shifl is changing that by opening our advanced software coupled with the new FinTech addition allowing everyone to benefit from the same technology that we use here at shifl, furthering our goal of bringing the industry into today’s digital age.”

Companies are able to create unlimited charge cards with advanced spend control and expense management abilities.

Integrated white label software solutions will be available for forwarders and other providers.

shifl.capital is in beta and is being rolled out to current shifl users, and will continue gradually expanding to more shippers and industry providers on a first-come, first-serve basis.

Ocean and Air Carriers, Terminals, Exam sites, Forwarders, Truckers, CFS and Warehouses and any other providers looking to participate and streamline their payment process while offering their customers free instant payments and/or instant releases and API-accessible shipment and billing information can email shiflpay@shifl.com for further information.

 

About shifl: shifl is leading the supply chain industry into the future with technology and innovation that brings a huge array of real-life benefits to its users. If you are a shipper or industry provider looking to bring your business into today’s digital age, be more in control, and pay less overall — shifl is for you.

shifl is headquartered in New York and maintains a presence in China, India, Vietnam, Malaysia, Bangladesh, Georgia, DR, and The Philippines. To learn more, visit https://shifl.com.

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