GT Nexus has partnered with Integration Point, a software company that helps companies to achieve global compliance, to build what they say will be “the most comprehensive global trade management solution in the market”.
The new platform will integrate all elements of global trade management, including logistics, trade finance, trade compliance, trade content, customs filing and duty optimisation.
GT Nexus, an Infor company, is one of the world’s largest supply chain management platforms, providing companies with end-to-end connectivity, visibility and collaboration with suppliers, customers and other supply chain partners, helping them to optimise the flow of goods, funds and information from order to final payment.
The partnership with Integration Point will enable GT Nexus to extend its capabilities to help its network streamline and automate their trade compliance processes. It will do so by integrating Integration Point’s trade content and compliance data solutions into transactions managed on the GT Nexus commerce network, helping businesses to easily ensure that transactions are compliant with the countless trade regulations and filing requirements that importers and exporters must deal with on a daily basis.
A GT Nexus spokesperson tells GTR that the two companies have been “aligned in an informal partnership for several years”, but the formal partnership means they will now develop an integrated offering. The parties, he says, have already “developed initial integrations that support orders, shipments and products or parts”, and will “evolve the solution going forward based on customer feedback and market dynamics”.
According to Tom Barnes, CEO of Integration Point, the combined solution enables customers to conduct automated due diligence for 206 countries and territories before and during the transaction lifecycle, streamlining document creation and customs clearance.
With access to Integration Point’s extensive trade content database, businesses are empowered to make better informed and more strategic decisions for their operations, explains Kurt Cavano, president of GT Nexus.
“Trade compliance becomes more strategic when you connect it directly to your supply chain processes,” he says. “Companies often experience cargo delays due to inefficient systems and processes, or overpay in duties because they’re not set up to take advantage of programs or systems that can reduce their net fees.”
One capability that will be available through the new platform is Integration Point’s FTA (free trade agreement) management solution, which allows importers to automate the most resource intensive steps to qualify goods for an FTA, including supplier solicitation, staying current with preferential rules of origin, and bill of material analysis.
Another capability is Integration Point’s FTZ (foreign-trade zone) management programme, which provides companies with the necessary tools to manage and optimise foreign-trade zone operations.