U.S. Bank subsidiary Elavon Freight Payment and Youredi partner to provide a modern data integration platform for European customers
HELSINKI, Finland, July 2017 – Youredi, a leading provider of data integration and analytics solutions, today announced a partnership with Elavon Freight Payment, a European subsidiary of U.S. Bank. The agreement calls for Youredi to provide an integrated platform through which Elavon’s Europe-based customers can submit payments, invoices and shipping instructions for freight deliveries.
The Youredi platform sits between the bank’s freight payment system and the bank’s carrier customers, acting as a ‘translator” to ensure the two systems understand each other. Carriers send shipping invoices in their own proprietary format to the bank, which pass through the Youredi platform to be validated, enriched and transposed to a bank-specific format for payment.
The Elavon Freight Payment end-to-end electronic freight invoice, audit and payment solution is specially designed to satisfy developing regulatory requirements in Europe. Its e-invoicing service is fully automated, traceable for auditing and compliant with the European Union and local regulations. Built on a highly adaptable invoice processing platform, the Elavon e-invoicing process makes it simple for business partners to transition and meet new requirements as regulations evolve.
“The goal of this collaboration is to simplify the process for our customers,” said Elavon Freight Payment Product Manager Travis Lachinski. “Youredi will take a proprietary invoice format from the carrier and transform it to the proprietary Elavon invoice format. This removes much of the conversion burden between the carrier and Elavon, enabling quick processing of clean invoices, which reduces operational costs for shipper and carrier alike. The European Commission continues to press the industry for higher e-invoicing adoption – this will enable Elavon and our customers to stay ahead of the curve.”
Youredi Analytics and Support allows companies to measure and monitor how their invoicing/payment and supply chain processes should be running, proactively alerting them to process disruptions and errors while providing feedback to their customers.
"This cooperative partnership between Youredi and Elavon Freight Payment leverages the advanced design of our Integration Platform as a Service (iPaaS),” said Youredi CEO Jaakko Elovaara. “The ease with which we can onboard customers and transform their data will greatly improve their efficiency. Youredi and Elavon Freight Payment have strong pedigrees in invoice and payment processing. Many of Elavon’s customers already use our platform. This is what the industry needs, a simplified way of doing business."
Youredi is the only global provider of a cloud-based Integration and Analytics Platform as a Service (iPaaS) solution with a focus on global supply chains and logistics. Youredi has been recognized by Gartner in the Magic Quadrant for Enterprise Integration Platform as a Service for three consecutive years.
Youredi enables quick connections and message translations between supply chain partners and customers. Integrating with communities, carriers, shippers, consignees and the systems that they use, Youredi provides global scale, speed, and agility. This seamless real-time flow of 100% accurate data, provides organizations the ability to analyze and optimize all of their supply chain processes.
Youredi provides a range of solutions related to big data, IoT, and analytics.
About U.S. Bank and Elavon Freight Payment
With offices in Dublin and Brussels, Elavon Freight Payment is a certified EU payment provider, employing a team of regional experts who share in-depth knowledge of European freight and freight invoicing to ensure our proven solution satisfies the requirements of any European shipping destination. Elavon Freight Payment is part of Minneapolis-based U.S. Bancorp (NYSE: USB), with $450 billion in assets as of March 31, 2017. U.S. Bank is the fifth largest commercial bank in the United States. The Company operates 3,091 banking offices in 25 states and 4,838 ATMs and provides a comprehensive line of banking, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.