Banking News

First Finance International Bank (FFIBI) Enters the Marine Industry Providing Digital Payroll and Cards Services

ViaBTC Upgrades ViaWallet Domain

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: Folio Financial Among Benzinga Top Fintech Listmakers in the “Best Robo-Advisor” Category

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: SpaceChain Sends Blockchain Technology to the International Space Station

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.

Read More: Top 40 Coin HedgeTrade Announces Beta for Crypto Social Trading Platform

Related posts

Wolters Kluwer Launches Deposit and IRA Document Suite for Credit Unions

Square announces QR-based, self-serve ordering feature for restaurants using Square Online

Fintech News Desk

Tink Announces Appointment of SimCorp CEO Klaus Holse As Chairman

Fintech News Desk

Leave a Comment