ShipMoney partners with V.Group

2022-10-13T17:07:38+00:00 October 13th, 2022|Technology|

ShipMoney has signed a long-term strategic partnership with V. Group to digitalise seafarers’ payroll system.

This will ensure a more secure and efficient way to pay V.Ships’ workforce, the company said.

In addition to crew payments, this agreement enables V. Group to make international corporate remittances, network payments, money transfers and all the other forms of shoreside and on board payments necessary.

ShipMoney’s Account Management System is claimed to be robust but simple to use and manage, compared to the usual systems and meth­ods for crew payment.

Companies using its system can pay crew members 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 significant savings on wire transfers and cash-to-master costs.

“The reason we chose ShipMoney is 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. Key components of V. Group’ growth strategy is our core focus on seafarers and digitalisation, beyond good enough.

“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 seafarer’s wellbeing,” said René Kofod-Olsen, V. Group CEO.

Founder and President of ShipMoney, Stuart Ostrow (pictured), added: “I’m delighted about this partnership with V. Group as it demonstrates how forward-thinking shipmanagers and operators are putting their seafarers first. 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.

“V. Group recognises that using our system has major advantages for their finances, as they can completely eliminate cash from their entire fleet by providing ShipMoney cards for crew, as well as providing a customised 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 concluded.