Private sector lender Karur Vysya Bank Ltd. (KVB) has partnered with Unanu Technologies to introduce digital freight finance to finance transport entrepreneurs using the end-to-end logistics technology platform.

KVB is the first bank to introduce digital freight finance through the market in the banking industry, said Managing Director and CEO B. Ramesh Babu.

This functionality would allow KVB to provide financing based on the invoice and other mandatory documents available in the digital freight financing system.

The technology platform will provide a complete flow of transactions from the time the material is collected from shippers until the material is unloaded at the recipient. All of this would come in a digital format that is easy to track and manage transactions, solving the current gap in the existing logistics industry, the bank said in a statement.

“This digital freight financing program will go a long way in freeing up working capital that otherwise has a longer cycle time. This will ultimately allow transportation entrepreneurs to increase their business volume,” he said. declared.

Srini Sundar, CEO of Unanu Technologies, said the next version will be blockchain-enabled to ensure transaction integrity and security.