FinTech: Global Payments Platform Nium Launches Maritime Solution

May 18, 2021 | FinTech, News
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Shipping companies can now digitize payments including payroll and vendors.

Global payments platform Nium has launched its new maritime solution that enables automatic payroll disbursements and remittance for shipping companies, their management, and sailors. The solution has been implemented by Integrated maritime services leader, Bernhard Schulte Shipmanagement (BSM). (NIUM)

Nium Maritime Payment Solution

The Maritime solution enables real-time payouts to 65+ countries through the convenient mechanism of a virtual Visa or MasterCard that is issued to employees and seafarers. The cards have direct-to-bank account transfer capabilities, low FX rates, and low transaction charges.

The system has bank-grade security trusted by some of the world’s largest banks and regulators.

Payouts can also be made to e-wallets or bank accounts.

The system comes with a comprehensive dashboard that shows balance, spending control, currencies held, real-time remittance, FX conversion, and P2P transfers.

Employees of shipping companies around the globe can easily spend in the local currency.

The solution dramatically reduces the use of cash on ships and is compliant with payroll, delivery, and international banking regulations.

For BSM, Nium launched BSM-branded multi-currency Visa debit cards and eWallet services for its entire seafarer population. It also will make available supplementary Visa cards for seafarers’ families.

Modern ways to move money

“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 digitalize 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.”

A practical solution during the pandemic

BSM Finance Manager, Dennis Moehlmann, said, “It is important to us that our crew and their families are well taken care of, especially during these uncertain times when our crews are not allowed to go ashore and cannot physically remit funds back home.”

“Now with this new digital payment solution from Nium, no matter which part of the world our crews are at that moment, funds can be transferred in an instant and their families will receive the transferred money immediately on their supplementary card or their home account. This is the peace of mind we want to give to our crew.”

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