This fireside chat recap is from FreightWaves’ Supply Chain Meets FinTech event on Wednesday.
FIRESIDE CHAT TOPIC: The financial supply chain.
DETAILS: J.B. Hunt and U.S. Bank are working together to provide a better payments solution for Hunt customers. Jeff Pape of U.S. Bank sits down with Amy Horn of J.B. Hunt to discuss the changing market for payments solutions.
INTERVIEWER AND SPEAKER: Amy Horn, director of intermodal pricing at J.B. Hunt, is interviewed by Jeff Pape, general manager of transportation, corporate payment and treasury at U.S. Bank.
BIO: Horn has been with J.B. Hunt since 2004. She has held various positions in collections and payments at the carrier and most recently was a director of finance, responsible for the receivables activities for the company’s 300 largest accounts. She also was deeply involved in system modifications and new technology expansion for those activities.
KEY QUOTES FROM HORN:
“Transportation finance for years has been a very manual industry from a receivables perspective, from invoice generation all the way through to collection processes. When COVID hit we saw a little bit of change to that perspective. We had customers that sent their employees home, so there was no one there to gather invoices and start processing them. That allowed us to start transitioning to a more modernized format.”
“We are currently working with U.S. Bank to see how API invoicing can be able to help solve challenges. APIs can be done at any point in time during the day. If there is a failure, it only impacts the invoices that caused the failures. All other transactions are able to be forwarded quickly to the party receiving the invoice.”