- Transportation & Logistics
- B2B AI enabled web and mobile platform
B2B AI enabled web and mobile platform for a Logistics Mid Sized Corporation in the US
The MYPODPAY app represents a groundbreaking solution in the realm of transportation and logistics. It serves as a unified platform that addresses a critical challenge within the industry: the process of factoring invoices. In the transportation world, invoicing and payment cycles can be complex and often involve multiple parties. This complexity can lead to delayed payments and cash flow issues for carriers and transportation companies.
Problem
The global factoring services market size was valued at USD 3,566.99 billion in 2022 and is expected to expand at a compound annual growth rate of 9.2% from 2023 to 2030. There is very little work done on the automation of invoice factoring and is currently done over email, physical document and independent un-connected software of various players in the market.
Due to this, the shipping carrier industry in the US faces several challenges related to manual processing of proof of delivery documents, which are required for invoice factoring. The current problems are faced by both Financiers and Carriers/Brokers. The current system is prone to errors and inconsistencies due to human judgment, leading to delays in payment processing. The absence of a centralized storage system makes it difficult to analyze different sets of data and track audit trails, while the lack of backup and disaster recovery initiatives poses a risk to data security and business continuity for both the counterparts.
Solution
To address the challenges faced by the shipping carrier industry in the US related to manual processing of proof of delivery documents, our proposed solutions aim to simplify the auditing process and aid in faster payment processing through associated banks and financial institutions. Our cloud-based web application enables buyers and banks to maintain their payment terms, authorized signatories, and streamline the processing of proof of delivery documents, including workflow approvals and verification against authorized signatures.
Our efficient Al scoring system enables banks and financial institutions to make informed approval decisions with digital and manual signature verification in place, while the ability to add recorded application processing with a notification system reduces follow-up times for all stakeholders. Additionally, our single backend system with supervised Machine Learning enables the processing of greater loads of data and continuous addition and training of new user’s data. We have developed a robust micro-services-based architecture to support growth and scalability in the product development and roadmap items.
TechStack
AWS IDP, Sagemaker, Angular 10, NodeJS, Python, AWS, MongoDB, MySQL,
