Payment Solutions News

ShipMoney has expanded its agreement with Bernhard Schulte Shipmanagement (BSM) to include the ship manager’s global fleet.Extending the existing agreement to the worldwide fleet reinforces BSM’s commitment to digitizing its payment processes to enable greater financial management efficiencies for all crew wages and CTM payments while offering seafarers freedom and flexibility to manage their wages.ShipMoney is a purpose-built proprietary digital account management system which enables bespoke scalable payment solutions.

Maritime digital payment solutions provider ShipMoney announced a new client agreement with SeaDream, enabling the luxury yachting company to ensure its crews are able to manage their finances wherever they are in the world.By using ShipMoney’s digital maritime payment solutions, SeaDream’s crews now have access to their wages in real time so they can transfer money, make scheduled payments, buy goods online and check currency exchange rates before committing to a transaction…

All Thome Group seafarers will now have access to a wide range of digital payment solutions, including crew payroll payments, international remittances, money transfers, mobile tops-ups, payroll advances and onboard expenses.Maritime Payment Solutions, LLC (d/b/a ShipMoney), a global provider of payment solutions for maritime companies, said Wednesday it will be facilitating Thome Group’s crew payments.Thome Group provides integrated maritime services to the international shipping and offshore industries, with a global crew pool of around 12,000 seafarers.

Stuart Ostrow developed ShipMoney as a means to make the process of paying crew more efficient and cost-effective for both vessel owner/operators and the crew. Little did he realize then that his company would be instrumental in helping seafarers during their greatest time of crisis.Stuart, to start, how did you come create ShipMoney and get into a career in the maritime business?I'm the definition of an accidental salesman. By professional training, I'm a Big Six CPA, and I was always one of those frustrated accountants. Many years ago, I read a business plan that talked about prepaid.

Maritime Payment Solutions, LLC (d/b/a ShipMoney), a provider of payment solutions for maritime companies, announced two new hires. Vanessa Torres has joined as Strategic Client and Business Development Manager in Manila, and Theo Tsokos is the Client Account Manager in Athens.Torres will be responsible for managing clients in the Philippines and Southeast Asia, including Maersk and V. Ships, among others. With more than 20 years of professional experience, she will act as liaison between ShipMoney and regional client offices.Tsokos will be responsible for managing clients in Greece and Cyprus, including Scorpio and Tsakos-Columbia.“We are very pleased to welcome Vanessa and Theo…

As the health and welfare of seafarers continues to be a point of focus around the world, Maritime Payment Solutions, LLC (d/b/a ShipMoney), a provider of payment solutions for maritime companies, introduced ShipMoney Virtual Cards and the Transfer Marketplace, a pair of services designed to expedite payments to crew members and their families while providing a broad range of remittance options.ShipMoney’s Virtual Card solution uses Visa’s virtual card technology, which enables crew members to immediately access their wages from anywhere in the world while onboard or at home…

Estonian shipping company Tallink Grupp has announced establishing a subsidiary in Singapore this week – Tallink Asia Pte Ltd – which is the group’s first subsidiary in Asia. The operator of cruise ferries and ropax ships said that the purpose of founding a subsidiary in Singapore is to simplify the development and expansion of the group’s activities in Asia."We have always been open about the fact that Tallink Grupp is continuously looking for opportunities to develop our activities and expand into new markets," Paavo Nõgene, CEO of Tallink Grupp said. Tallink has focused heavily on developing services for Asian passengers in recent years and on promoting the company’s products and services in various Asian countries.

Seafarers employed on Tsakos-owned vessels operated under its management arrangement with Columbia Shipmanagement will now be paid electronically as opposed to by ‘Cash-by-Master’, under an agreement signed with ShipMoney.The deal means crew members will have control and access to their wages while onboard ship, including the timing and currency of remittances sent home. It will  reduce the need for large amounts of cash to be delivered to ships and eliminate the need for Tsakos to administer individual crew wire payments sent to home bank accounts. The latest contract with the Greece-based shipmanagement company will see ShipMoney’s products being rolled out to its fleet of 90 vessels consisting of tanker…

Maritime navigation services group Global Navigation Solutions (GNS) announced the appointments of Phil Stothard as Chief Information Officer and Kieron Abernethy as Chief Revenue Officer. Both assume their roles with immediate effect. Phil Stothard joins GNS from banking and payment solutions provider ACI. Phil has over 25 years’ experience of IT development, leading teams and delivering global solutions for organizations such as HSBC and Accenture. Phil has particular expertise in data and information systems and has a track record of delivering value to internal and external clients from the solutions he has designed and delivered.

Provider of electronic invoicing and settlement solutions for the shipping industry, PayCargo, LLC, says it has brought back its highly successful PayCargo Credit Program. PayCargo provides a global, online freight payment system that allows shippers, carriers and freight brokers of all sizes to settle accounts faster and more safely than ever before. Since being spun out of a major financial services company earlier this year, PayCargo has been expanding into other transportation segments such as air cargo, trucking, rail, and warehousing. As part of its expansion, PayCargo has arranged funding of the credit facilities it offers its clients. PayCargo can now offer very competitive financing options.

The Program Manager of the Visa ShipMoney Program announced that it has signed a multiyear Marketing and Business Development Agreement with SBNTEX, a wholly owned subsidiary of SBN Technologics. Under terms of the multiyear Agreement, SBNT will market and promote the ShipMoney Program to its customers and prospects throughout the world for the commercial maritime industry independently or as an integral component of SBNT’s payroll CTM module (PRC). S.B. Nair of SBNT stated, “Visa ShipMoney is a fantastic new benefit program for captains and crew that provides a safe…

Maritime Payment Solutions, LLC – Program Manager of ShipMoney for Crew and ShipMoney for Captains announced that it has signed a Norwegian Ship Management Company that operates a fleet of dry cargo vessels, offshore supply vessels and bargesadding to a growing list of ShipMoney clients across Europe. ShipMoney is a prepaid Visa card program developed for the commercial maritime industry to reduce onboard cash while offering a new and unique crew welfare benefit for crew and captains.