Nium Reveals Payments Solution for Shipping Companies

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Nium has unveiled the launch of its maritime payments solution, aimed at digitising the payments experience for shipping companies, their management, seafarers, and their families, reads a press release by the company.

Nium maritime payment solution

As such, the Nium maritime payment solution leverages the company’s global licence network and integrated technology stack to enable real-time payroll disbursements, vendor payments, e-wallet services, and remittances.

In addition, 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.

Nium Pay app

The Nium Pay app combined with Visa’s virtual card technology will allow the crew members to 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.

The company’s 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 services;
  • Apply exclusive rates for inter- and intra- company cross-border payments;
  • Comply with payroll and delivery and international banking regulations, including Philippines’ Overseas Employment Administration (POEA) ruling regarding seafarer payments;
  • Track remittance payments;
  • Send payments in real-time.

BSM-branded multi-currency Visa debit cards

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 e-wallet services for its entire seafarer population. A supplementary Visa card will also be available for the seafarers’ families.

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Source: NIUM

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