In addition, the agreement enables V.Group to make international corporate remittances, network payments, money transfers and all other forms of shoreside and onboard payments.
Flexibility and transparency
Companies using the ShipMoney Account Management System can pay crew instantly with a single file upload or from their own crewing/payroll system via an API integration. The digital platform provides flexibility and offers transparency to clients who benefit from savings on wire transfers and cash-to-master costs.
V.Group chose ShipMoney because of their 'extensive experience and knowledge with implementing and managing a diverse group of global maritime clients along with their system that complies with all relevant financial conduct authorities, protects data of the individual and enables us to remain compliant with current international sanctions,' said René Kofod-Olsen, CEO of V.Group.
Seafarers' well-being
He continued: 'This partnership with ShipMoney will help us on our digital journey by ensuring we have the right platforms in place with expansion in mind, while importantly also providing significant benefits for seafarers' well-being,'
'Crews have been through a particularly torrid time in recent years so helping them to get paid on time removes a significant burden from their already stressful lives,' said Stuart Ostrow, founder and president of ShipMoney.
Customized expense card
Ostrow added V.Group can 'completely eliminate cash from their entire fleet by providing ShipMoney cards for crew as well as providing a customized expense card solution for the vessel. The savings for companies using our technology are very significant in terms of direct CTM costs as well freeing up working capital that is sitting idle on the ships,' he said.
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