Maritime Payment Solutions, LLC (d/b/a ShipMoney), a global leader in maritime payment solutions, has signed a strategic business development agreement with S5 Agency World, one of the largest international providers of port agency services.
Under the agreement, S5 and ShipMoney will work together to educate the maritime industry on the benefits of moving away from cash and complicated payroll solutions to a more digital payment solution as part of the ongoing digitalization of the industry.
Providing further context for the relationship with S5, ShipMoney’s Founder and President Stuart Ostrow said: “Over the last year there has been a significant increase in companies looking for alternatives to traditional cash-to-master services and by extension, to the payment of crew wages. A partnership with S5 made sound business sense given their understanding of this trend and their commitment to exploring new solutions for crew payments. The ShipMoney platform allows employers to pay crew in real time—reducing the need for onboard cash and expensive wires—while enabling seafarers to access their wages, send money home, shop, and more, while at sea or wherever they are in the world. Using ShipMoney cards and digital payments, masters can also pay for supplies and spares, decreasing the risk of piracy and theft. Accelerated by the pandemic, we are witnessing a historic shift towards cashless ships.”
“Partnering with ShipMoney was an easy decision as it fits with S5’s focus on the digitalization of the Industry. This digital solution will help S5 continue to bring value-added cost-saving solutions to our clients around the world. This strategic association is a continuation of S5’s commitment to providing clients with innovative digital solutions,” said Jason Berman, Chief Commercial Offices for S5 Agency World. “In addition to the process efficiencies gained with the ShipMoney digital card, it will also extend significant cost savings and reduction in the liabilities of delivering physical cash to vessels.”
In addition to facilitating crew payments, the ShipMoney Program offers customized solutions for international corporate remittances, money transfers, mobile top-ups, payroll advances, onboard expenses, and all other forms of shoreside and onboard payments.