FinTech: Shipping And Logistics Giant Maersk Turns To Stripe For International Payments

May 5, 2022 | FinTech, News
https://dailyalts.com/wp-content/uploads/2022/05/01_Photo_of_vessel_in_press_release.jfif_.jpeg

Maersk is modernizing its economic infrastructure with some help from Stripe.

Maersk (CPH: MAERSK-B), the shipping and logistics giant founded in 1905, has a logistics network across 130 countries and moves many billions of dollars worth of shipments around the world annually. The company recognized earlier than peers that it needed to transform its operations to keep up with the rising trade volumes. A critical area was international payments. (Stripe)

Stripe for Maersk’s payment infrastructure

Navneet Kapoor, chief technology and information officer at Maersk, said the company wanted to revamp its infrastructure and “to make it simple for people to ship and track their orders from one end of the world to the other with a click of a button.”

Considering the complexity of the logistic giant’s business, streamlining its international payments was a key task, given that banking requirements, currencies, and preferred payment methods varied hugely across the various geographies.

Stripe helped the company combine these diverse systems into a single, versatile payments portal. Customers make their payments via a user-friendly and intuitive dashboard using this portal. The system now supports additional methods such as credit cards.

“We knew that customers wanted to work with us, when they wanted, and where they wanted,” said Kapoor. “Creating a payments system that allowed this flexibility was an essential piece of the puzzle.”

Maersk – record results

Maersk released today record Q1 financial results across its Ocean, Logistics, and Terminals businesses, with revenues growing 55% year-on-year to US$19 billion, its highest ever Q1 revenues.

Earnings before interest, taxes, depreciation, and amortization more than doubled to US$9.1bn.

The impressive figures were driven primarily by higher freight rates and strong long-term partnerships with customers seeking end-to-end supply chain support.

Related Story: Mitsui OSK And Bearing Develop AI-Powered Smart Routing Of Ships To Cut Emissions

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2023/12/AMD_headquarters_santa_clara.624da707519a6.jpg
Artificial Intelligence: AMD Takes On Rivals In The AI Chip Sweepstakes
December 7, 2023     Artificial Intelligence, News

Chipmaker AMD (NASDAQ: AMD) has unveiled a range of innovative AI solutions spanning from data centers to personal computers. The AMD Instinct MI300 Series features data center AI accelerators, while…

https://dailyalts.com/wp-content/uploads/2023/12/RHCEU-Inline.jpg
Digital Assets: Robinhood Debuts Crypto Trading On Its App In The EU
December 7, 2023     Digital Assets, FinTech, News

Robinhood (NASDAQ: HOOD) has launched its Crypto app in the European Union (EU), allowing eligible customers to engage in crypto trading with the added incentive of earning Bitcoin rewards. Customers…

https://dailyalts.com/wp-content/uploads/2023/12/Samsung_UK_Samsung_Pay_Lifestyle_0552-revised-Pictogram-23.11.30-1024x744-1.png
FinTech: Samsung Electronics Ties With Mastercard’s Wallet Express
December 7, 2023     FinTech, News

Samsung Electronics (KRX: 005930) and Mastercard (NYSE: MA) have partnered to launch the Wallet Express program, offering banks and card issuers a cost-effective way to expand digital wallet offerings. Through…

https://dailyalts.com/wp-content/uploads/2023/12/Revaia-founders.jpg
Venture Capital: Revaia, Europe’s Biggest Female-Led VC Firm, Racks Up $160M For Second Fund
December 7, 2023     ESG and Sustainability, News, Venture Capital

Revaia, Europe’s largest female-founded venture capital firm, has successfully raised €150 million ($160 million) for its second fund, Revaia Growth II. The funding was secured from sovereign wealth funds, family…