Schneider Logistics has changed the name of its freight payment company, Tranzact Payment Services, to Schneider Logistics Payment Services.

The payment company manages the flow of funds through customers' supply chains -- providing high volume, low cost transaction processing. Services include transaction audit, processing and payment; accrual and accounting functions; rate library creation; multi-media and customized reporting; auto pay services; online interfaces; and international payment capabilities.
A key feature is the firm's Interacc product, a logistics analytical tool that provides customers with business intelligence data.
The company processes 75 percent of its freight bill volume in the Electronic Data Interchange environment, making the company the largest processor of EDI freight bills in the country.
The name change builds brand consistency among all Schneider Logistics services and is part of the agreement with Tranzact Systems Ltd.. which sold its freight payment subsidiary to Schneider Logistics in March 2000.
Schneider says the volume of freight payment transactions has increased 25 percent in the 15 months since the acquisition.
Schneider Logistics Payment Services will continue to maintain locations in Illinois. The unit employs more than 400 freight payment specialists.