Nium gets on board with payments solution for maritime companies
With the digitization payments battle going on land, commercial payments companies have eyes on the vast shipping companies who still rely on manual processes and want to make them shift towards a faster and secure mode of payments.
This week, The Singapore based, non-bank payments company Nium has launched its maritime payments solution which is aimed at digitising the payments system for shipping companies, their management, seafarers, and their families, as stated by the company in the press release.
The Nium maritime payment solution would use the company’s global license network and its integrated technology stack to enable real-time payroll disbursements.
As claimed by the company’s head of sales at South East Asia and Hong Kong, Gitesh Athavale that the platform would provide ‘an efficient and cost-saving way for shipping company management to digitalise payments, including disbursing payroll and making vendor payments’ along with ‘convenient and modern way’ to send and receive money.
Back in February 2021, Maritime Payment Solution (ShipMoney), a payments solution company for maritime companies said that they would facilitate payments for Thome Group which is a ship management company.
Bernhard Schulte Shipmanagement (BSM) would be the first company to use Nium’s maritime payments solution for their Spend Management Process under which the solution includes BSM-branded multi-currency Visa debit cards and eWallet services for its entire seafarer population while a supplementary Visa card will also be available for the seafarers’ families.
According to the press release, the solution will be used by the shipping companies would allow them to reduce the use of cash on ships through QR payments, apply for exclusive rates for inter and intra company cross-border payments and along with this, the shipping companies will be able to follow with payroll and delivery and international banking regulations, including Philippines’ Overseas Employment Administration (POEA) ruling regarding seafarer payments.
With this Nium is also offering tracking of remittance payments and the ability to send payments in real-time.