Karur Vysya Bank has joined hands with the Chennai-based UNANU Technologies for digital freight finance to fund transport contractors. using the end-to-end logistics technology platform.
UNANU has built the Freight Financing System within their suite of software platforms.
Using the module “U-Turbo – a marketplace”, one can on-board logistics companies and shippers to Freight Financing programme. The platform has a complete visibility right from picking up the material from shipper (Proof of Pick up) until it reaches the destination (Proof of Delivery). In transit, tracking of the truck is also provided with the associated software/hardware.
The digitised document at each stage is captured using the platform helping the bank to verify its authenticity. The platform also has feature to raise invoices to the shipper by the transport contractors seamlessly capturing the digital freight finance system. These features will enable Karur Vysya Bank to fund, based on the invoice and other mandatory documents that are available in the system, the release said.