Streamlining the payroll delivery of the maritime industry represents a big challenge for those who entered this market over the past years because they know how complex it is to implement a standard card system in the business ecosystem.
The maritime salary payment industry deals with manning, ship and crew management companies, ship owners, government regulations across multiple countries and jurisdictions – all standing in the path of efficient delivery of a recipient’s salary.
Read More: Credorax Partners With Raisin to Offer Exclusive Banking Products to German Market
Through First Finance International Bank (FFIBI), the Australian-based Seafarer Foundation has developed a General Purpose Reloadable Multi-Currency Card program ready for introduction across the maritime environment.
FFIBI, a NeoBank registered in Puerto Rico, will load the payroll from the shipping company directly to the seafarer’s account via a closed and open-loop secure system to which the payroll card is linked. The payroll is then immediately available for withdrawal at any ATM or POS facility worldwide in local currency with no bank FX markup. The seafarer may also transfer funds to a linked family card or send money to their family through a network of over 600,000 locations or pay their bills.
Read More: Financial Planning: One Small Step 50 Years Ago
Altering the final delivery process to “Salary Direct to Card” of seafarers’ pay is a true revolution for the marine industry and its community, adding not just a significant savings in fees, anywhere from $400 to $600, and delivery time.
“This partnership is the result of two years of dedicated efforts by FFIBI and its team. The strategic positioning and regulatory environment of a NeoBank located in Puerto Rico allowed FFIBI to provide such service to seafarers and the thousands of shipping crew members they serve worldwide,” says Michel Poignant, CEO of FFIBI.
