Solvento launched Solvento Audita, an artificial intelligence (AI)-powered software automating the end-to-end accounts payable process for the on-the-road freight industry.
"The trucking industry is at the heart of the Latin American economy, yet we have not treated it as such or given it the resources necessary for success," says Jaime Tabachnik, co-founder and CEO of Solvento."We are helping shippers, third-party logistics companies and carriers to save huge amounts of time and money by automating the most complex and time-consuming parts of their business, while contributing to higher levels of financial inclusion. 53% of customers report an increase in quality of life, while 29% report an increase in their money earned since using our solution. Our technology will continue to unlock the flow of money in the logistics industry as we continue building our vision to become the de facto payment platform for truckers in Mexico and Cross Border trucking."
Key takeaways:
- Solvento is building the payment and credit infrastructure for the LatAm trucking sector, benefiting all parties along the supply chain. Solvento automates payments, finances invoices, and solves the liquidity needs of carriers, allowing them to focus on their operations and growth.
- Solvento also closed a $50 million lending facility, which enables shippers and brokers to offer quick pay, and injects working capital into the supply chain for the benefit of carriers and truckers alike. As a result, it will help carriers pay their drivers faster, addressing the concerning deficit in driver capacity.
- Solvento Audita uses APIs to integrate into any existing software, able to read and detect any type of document and validate. Specifically, Solvento Audita enables companies that hire truckers to collect digitized PODs associated with each trip a trucker makes, extract information, and validate that it was concluded and invoiced correctly so it gets paid. Plus, it matches the POD against the invoice and rate to ensure that clients only pay what was agreed on, even validating the very complex and unstandardized accessorial charges (maneuvers, overnight stays, backhauls etc.).
