Nium Launches Global Payments Solution for Maritime Companies
Leading maritime company, Bernhard Schulte Shipmanagement (BSM), implements Nium technologies to make digital payments more accessible to seafarers across the globe
SINGAPORE, May 17, 2021 /PRNewswire/ -- Nium, a leading global payments platform, today announced the launch of its maritime payments solution, aimed at digitising the payments experience for shipping companies, their management, seafarers, and their families. The Nium maritime payment solution leverages the company's global licence network and integrated technology stack to enable real-time payroll disbursements, vendor payments, eWallet services, and remittances.
"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 onboard – all through the convenience of one simple app."
Integrated maritime services leader, Bernhard Schulte Shipmanagement (BSM) is the first to use Nium's maritime payments solution for their Spend Management Process. The solution includes the launch of BSM-branded multi-currency Visa debit cards and eWallet services for its entire seafarer population. A supplementary Visa card will also be available for the seafarers' families.
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 in 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."
Shipping companies will be able to disburse salary pay outs directly to seafarers' Virtual Visa card accounts that can be accessible via the Nium Pay app. Using the Nium Pay app, and combined with Visa's virtual card technology, crew members can immediately access their wages from anywhere in the world while onboard or on land; send money overseas; and process card-to-card transfers, shop online, and use their Nium Virtual Cards with mobile wallets onboard.
Nium has come up with a comprehensive solution to help maritime companies combat the multitude of traditional payments issues. Nium's unique solution combines its "Pay In" and "Pay Out" capabilities, allowing shipping companies to:
- Reduce or even eliminate the use of cash on ships through QR payments;
- Launch branded e-wallets with Card Payments, Remittance, Multi Currency functionality and Travel Insurance[1] services;
- Apply exclusive rates for inter and intra company cross-border payments (fund transfers can be done regardless of Internet connectivity[2]);
- Comply with payroll and delivery and international banking regulations, including Philippines' Overseas Employment Administration (POEA) ruling regarding seafarer payments;
- Easily track remittance payments; and
- Send payments in real-time[3]
Nium currently offers Pay-Outs to more than 100 countries, 65+ in real-time. Pay-Outs are available to bank accounts, Visa/UnionPay cards, and AliPay wallets.
For more information about the Nium Maritime Payments Solution, please visit: https://www.nium.com/maritime/.
About Bernhard Schulte Shipmanagement
Bernhard Schulte Shipmanagement (BSM) is an integrated maritime solutions provider. Managing a fleet of 600 vessels, 18,000 seafarers and 2,000 shore-based employees enable the delivery of safe, reliable and efficient ship management services through a network of 11 ship management, 24 crew service and four wholly-owned maritime training centres across the world. Alongside comprehensive ship management services, BSM offers a suite of complementary maritime solutions that are customised to meet individual customer requirements. As a member of the Schulte Group, BSM benefits from its 135+ years of experience in the shipping industry.
For further information, please visit our website www.bs-shipmanagement.com.
About Nium
Nium is a next-generation financial services platform that enables companies around the world to unlock new revenue opportunities and improve cash flow economics. Nium is a leader in its geographical and payment service breadth, owning licenses in the world's largest and fastest-growing economies. Our modular platform allows banks, payment providers, travel companies, and other businesses to collect and disburse funds in local currencies to over 100 countries, plus issue physical and virtual cards globally. Our proprietary set of APIs embeds financial services and can bring to life multiple B2B and B2C use cases in a matter of weeks.
Nium is part of CB Insights Fintech 250, which highlights the most promising Fintech companies globally. Today, Nium serves over 130 million customers and enables platforms to provide access to financial services to over 3 billion people across the world.
For more information, visit: http://www.Nium.com
[1] Travel Insurance service will be launched in the near future.
[2] Connection required for updating of balances.
[3] In all major currencies, including but not limited to: CAN, GBP, Euros and USD. For the full list of currencies supported, please refer to: https://www.nium.com/network/.
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