Sumitomo Mitsui Financial Group Inc and Vodafone Group PLC will team up with Deloitte and Nexxiot to support global autonomous freight handling, the firms announced on Thursday.

Tokyo-based banking and financial services firm Sumitomo and UK telecommunications provider Vodafone will participate in the collaboration through their joint ’economy of things’ business, Pairpoint.

Pairpoint has ‘joined forces’ with Deloitte LLP, the UK arm of professional services firm Deloitte Touche Tohmatsu Ltd, and with Zurich-based asset intelligence company Nexxiot, ‘to offer digital services that speed up the flow of goods worldwide’.

The service is intended to automatically verify cargo data on movement and contents, allowing companies to still comply with trade laws while speeding up freight handling. This ‘will lead to faster customs and port authority clearance and expedite the digital transformation of the logistics sector.’

Pairpoint’s Digital Asset Broker platform will combine with KYX, which itself combines Nexxiot’s freight solutions like smart connected sensors with Deloitte’s Know Your Client and Know Your Cargo services. KYX specialises in optimising frieght costs by enabling the autonomous collection of asset data.

Nexxiot’s Chief Executive Officer Stefan Kalmund said the deal ‘aligns with our vision to enable smart assets out of existing shipping containers and railcars...This is a significant step in supporting the digital economy of connected cargo and global goods movement.’

‘Through this collaboration, we aim to offer significant advantages to stakeholders in the logistics sector by promoting surety and provenance of data in the shipping industry,’ added Pairpoint CEO Jorge Bento. ‘Our goal is to enhance the efficiency of maritime logistics and streamline goods clearing customs and ports without introducing additional risk.’

Shares in Sumitomo closed down 5.3% at JP¥6,985.00 in Tokyo on Thursday. Vodafone shares were trading 3.0% higher at 67.12 pence each in London on Thursday morning.

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