What Banks Should Look For in Selecting a Shipment Execution Partner

Transportation Management System (TMS)

Banks and financial firms are under a lot of pressure – they’re subject to complex shipping requirements and carry a high burden for maintaining and monitoring the chain of custody for the various items they process. Some firms are spread out over hundreds of miles with thousands of offices across the globe, making security a challenge in an industry that deals with massive amounts of sensitive information.

Banks and financial firms are some of the biggest parcel shippers in the world and have enhanced needs for cost and rate optimizations. It’s the difference between choosing a carrier that performs overnight shipments and a less-expensive carrier that might have longer delivery times. Shipping and logistics can represent a significant portion of an enterprise’s overhead costs and there are plenty of unexpected opportunities to drive efficiency and effectiveness in operations. One option is to utilize a unified shipping execution solution that provides rate shopping tools to eliminate guesswork and automatically searches for the lowest cost route for a given delivery destination.

A challenge many financial firms face is maintaining a complete chain of custody and visibility throughout the entire shipment process. Especially in the banking industry, financial institutions look for a transportation management system that provides air-tight security for greater peace of mind. A single system like PRECISION Shipment Execution can help you accurately track sensitive materials and increase efficiencies, while complying with numerous banking laws and regulations.

When it’s time to pick a transportation management system for your bank or financial institution, look for a system that addresses security concerns. This includes adherence to and testing to standards like those developed by the Open Web Application Security Project (OWASP). For extra security, make sure your software has a multi-pronged approach to security, with features like application hardening, penetration testing, infrastructure safeguards and private cloud deployments. Question whether your provider tests to OWASP standards and if they understand both cloud and network security architecture. Your shipment execution provider should offer multiple deployment options for extra protection, but they also need to understand your customers and the financial market.

Another benefit many banking firms receive when adopting a shipment execution provider is greater efficiency for a global network and an increase in operational speed. Cloud technologies speed up deployment, reduce maintenance rollouts and improve the availability of critical applications worldwide. For a solution that supports a bank’s global network, look for software providers that offer a choice of deployment models that accommodate international requirements and for partners that have expertise in financial industry rollouts. An efficient global carrier network is one that can account for the unique challenges of regulatory environment and compliance needs, especially if your financial firm operates on a global scale.

Choosing the right shipment execution provider for your bank or financial institution means thoroughly examining all of your available options. The difference between success and failure lies in a solution provider’s track record and their ability to complement and improve your current transportation system. Interview potential providers to make sure they meet your enterprise’s expectations and that they can support global rollouts with a strong, comprehensive international network. Ask providers if they offer multiple deployment options to protect your organization and examine if they provide a low-cost, yet efficient deployment option that positively impacts your business’ growth.

And while security is of the highest priority, you also want to ensure your provider has experience and is familiar with the intricacies of banking and financial enterprise logistics. Treat your provider as a partner rather than a business selling you an additional service, and discuss the ways you can mutually benefit from a business relationship. At Precision Software, we work with all of our clients to provide the solutions they seek and we look for opportunities to help all of our partners reach their maximum potential. For banking and financial services in particular, our shipment execution software can make a meaningful impact for financial sector businesses while keeping costs low.

Click here to read how we’ve helped one of our clients improve their operational processes or contact us today to learn more about how Precision can work with you.

USPS® price change Effective Sunday, August 28, 2016

Latest USPS® price change to take effect on Sunday, August 28, 2016, at 12:01 a.m.

Along with the price change, the following changes will apply:

  • The 1, 2, and 3 ounce offerings for First-Class Mail Parcel (FCMP) service previously priced at a flat rate of $2.45 will be increased to $2.62 for all retail counter customers. Endicia customers will utilize the equivalent First-Class Package Service® with a Commercial Base pricing rate of $2.60. In January 2016, the Retail rate of $2.45 was automatically provided to all customers as it was the least expensive option. Endicia always selects the lowest rate available for customers. Beginning August 28, 2016 the Commercial Base rate of $2.60, and new low rate, will automatically be used.
  • Priority Mail Express International® service to Cuba will become available. First-Class Mail International®, First-Class Package International Service®, and Priority Mail International® are currently available to Cuba. Priority Mail Express International service for Flat Rate Envelopes up to 4 pounds and parcels up to 22 pounds will also become available to Cuba with the August Price Change.

 

Customer Information Session – PRECISION v16.1 Preview

This session will be hosted by Tim Dennis, Precision Solution Consultant on Thursday, April 21, 2016 at 9:00 AM Central (US). The topic for this session will be PRECISION v16.1 Preview. This session is open to all Precision customers. Durwebinar-imageing this session, you will receive a preview of PRECISION v16.1 and learn about the new functions and features offered with this release. 
 
By attending this webinar, you will:
  • Hear about the new features available with v16.1
  • See a demonstration of v16.1
  • Learn how to request an upgrade
 
Following a 25 minute presentation, we will have a question and answer session.
 

Click here to register today!

OnTrac and Precision Software Partner to Streamline Transportation Management

CHANDLER, Ariz., Jan. 11, 2016 (GLOBE NEWSWIRE) — OnTrac, the largest regional package delivery company in the United States, and Precision Software, a leading provider of transportation and global trade management software solutions, have teamed up to reduce shipping costs to importers, exporters and service companies. Precision Software delivers the best shipping solutions possible to its customers through a comprehensive network of partnerships. OnTrac is the top choice for companies looking to provide faster delivery without the cost of express shipping. Working together, OnTrac and Precision Software will offer proprietary integrations that meet all industry application standards.

Precision Transportation Management Software (TMS) automates parcel shipping workflows and streamlines shipping processes through entire organizations. It can be deployed on-premise, in the cloud or in a blended environment.  Precision TMS now offers OnTrac as a lower cost offering for parcel shipping in eight western states: California, Arizona, Nevada, Oregon, Washington, Utah, Colorado, and Idaho. Precision TMS optimizes and consolidates shipments with zone skipping and grouping by offering multiple carriers in addition to OnTrac. It also features rate shopping tools for quick and easy carrier price comparison and selection.

“We are very happy to add OnTrac shipping to Precision TMS,” said Precision Software Vice President of Marketing & Partners Robert Clesi. “We take pride in offering our customers a wide range of service options and carrier pricing. Many companies prefer to use OnTrac, so it makes sense to work together with them to give our customers the chance to take advantage of their shipping expertise.”

About Precision Software – Effective Enterprise Logistics
Precision Software, a division of QAD Inc., (Nasdaq:QADA) (Nasdaq:QADB), provides an industry-leading transportation and global trade management software solutions on a single, integrated platform.  The Precision suite of products is designed with open architecture allowing for easy integration with most Enterprise Resource Planning (ERP) solutions and Warehouse Management Systems (WMS), and other existing solutions to reduce transportation costs, avoid delays at border crossings and mitigate the risks associated with dynamic trading environments.  Precision Software enables customers and partners in the life sciences, consumer packaged goods, electronics, retail, industrial products, food and beverage verticals and 3rd party logistics providers to meet their goals of better managing Logistics, and becoming more Effective Enterprises.

For more information about Precision Software, visit www.precisionsoftware.com.

About OnTrac
OnTrac is the premier regional parcel carrier in the Western United States, providing overnight delivery at ground rates to more than 60 million consumers. OnTrac was founded in 1991, and has grown to become a top choice for e-commerce and companies looking to speed up delivery without the cost of express shipping. In 2014, OnTrac launched DirectPost, and became the first regional carrier to offer a USPS Package Consolidation Service. OnTrac is a SmartWay Transport Partner, a USPS Workshare Partner, and is integrated with over thirty different multi-carrier software providers.

For more information, call 800.334.5000 or visit ontrac.com.


 

Katrina Fox
OnTrac
602-333-4579
kfox@ontrac.com

Scott Matulis
Precision Software
818-451-8918
publicrelations@QAD.com

Precision Software Partner Highlight – OnTrac

In order to provide our customers with the best solutions possible, Precision Software maintains a comprehensive network of partnerships. Working together we offer proprietary integrations that meet all industry application standards. Precision Software is proud to be partnered with OnTrac.

OnTrac is the premier regional parcel carrier in the Western United States, providing overnight delivery at ground rates to more than 60 million consumers. OnTrac was founded in 1991, and has grown to become a top choice for e-commerce and companies looking to speed up delivery without the cost of express shipping. In 2014, OnTrac launched DirectPost, and became the first regional carrier to offer a USPS Package Consolidation Service. OnTrac is a SmartWay Transport Partner, a USPS Workshare Partner, and is integrated with over thirty different multi-carrier software providers. For more information about OnTrac call (800) 334-5000 or visit ontrac.com.

Click here to learn more about our partners or contact us at (312) 239-1630.