Transportation technology provider Banyan Technology Inc. has unveiled a dynamic pricing tool that allows carriers to attract the kind of freight that's right for their own network, the company said Friday.

Banyan will offer the "Intelligent Pricing" tool through its Live Connections platform, which uses application programming interfaces (APIs) to automatically share data among trading partners. That approach facilitates an instant exchange of freight-shipping information between shippers, brokers, forwarders, or third party logistics (3PL) providers and carriers, Cleveland-based Banyan says.

Through the Intelligent Pricing tool, carriers now can instantly offer pricing incentives on top of the discounts that are already contracted to shippers or 3PLs through an API-powered dispatch system—taking into account geography, shipment attributes, clients, and even customer behavior, Banyan Chief Innovation Officer Lance Healy said in a release. Those adjustments are then automated to appear as "Live Lane Specials" directly within shippers' transportation management system (TMS) workflow as they're making live routing decisions.

"This is the next evolution for Banyan's Live Connections platform—and really, for the industry at large," Banyan CEO Brian Smith said in a release. "Through our premier data hub, carriers can create baseline pricing that best suits their network—and then use the Intelligent Pricing tool to maximize their efficiencies with the agility and speed of today's market. Ultimately, we believe this ability will drive open dialogs and more comprehensive interactions between carriers and their shippers."

The launch is Banyan's latest move to improve freight efficiency by linking users' API and TMS platforms since the firm said in January it had partnered with Pierbridge Inc. in a move to help 3PLs keep ahead of rising parcel shipping costs and complexity in carrier management.

Banyan Technology's new Intelligent Pricing tool is changing the LTL industry. What does this mean for carriers, shippers, 3PLs and technology providers?
Our newest white paper explores these questions in detail. Make sure you check our site this Sunday 6/23 for the full version pic.twitter.com/xB1nrW1cKl

— Banyan Technology (@BanyanTech) June 21, 2019