Capital Gain

Nium Debuts Digital Payments For Maritime Co.’s

Published: in FINTECH by .

Global payment platform Nium has been implemented by maritime company Bernhard Schulte Shipmanagement (BSM), a Monday (May 17) press release said, in order to help make digital payments better accessible for seafarers.

“Technology development in the shipping industry is accelerating as shipping companies and their seafarers seek modern ways of moving money,” said Gitesh Athavale, head of sales, South East Asia and Hong Kong. “Our maritime payments solution provides an efficient and cost-saving way for shipping company management to digitalise payments, including disbursing payroll and making vendor payments. Their seafarers benefit from a convenient and modern way to send and receive money simply or spend it … [on board] — all through the convenience of one simple app.”

BSM will be the first one to use the solution for its spend management process.

The solution will encompass the launch of multicurrency Visa cards and eWallet services for the seafarers.

There will also be a supplementary Visa card available for the seafarers’ families.

According to the release, Nium’s solution will help shipping companies with cutting down on the use of cash on ships via QR payments, or even eliminating it altogether.

The eWallets mentioned previously will come with options like card payments, remittance, multicurrency functionality and travel insurance, the release said.

Shipping companies will be able to apply for exclusive rates for inter- and intracompany cross-border payments.

Companies will be able to follow the regulations for payroll and delivery along with international banking regulations. This includes helping companies comply with the Philippines’ Overseas Employment Administration (POEA) ruling, in regard to seafarer payments.

Additionally, there will be easy tracking for remittance payments along with the ability to send real-time payments.

In terms of global freight, processes have been getting digitized lately, including between online payment technology company Veem and digital global freight platform Veem will be on Freightos as a payment choice and will give users more options for making payments for international freight transportation.



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