CSM partners with Kadmos to automate crews’ salary pay-outs
(Posted on 18/07/22)
Columbia Shipmanagement (CSM) has announced a partnership with Berlin-based Fintech Kadmos to automate and digitalize its seafarers’ salary payouts. With a growing demand for better payment options that increase security and transparency,
CSM has selected Kadmos’ salary payment platform which is designed for paying workforces that are dispersed worldwide. Kadmos’ technology will drastically improve the way CSM crews receive and manage their salaries, enabling greater self-service opportunities while seafarers obtain more security and flexibility with their salary payouts. This announcement comes soon after Kadmos closed a €29m Series A funding round which will accelerate further technological and product development.
Mark O’Neil, CEO of CSM, said: “Columbia is incredibly excited to have teamed up with Kadmos’ young, dynamic and innovative team of experts who have developed an excellent and secure payment product. We strongly support and encourage new players in the shipping industry to challenge the status quo and to reform and update outdated practices in line with the dynamic expectations of their clients.”
This partnership will utilize innovative financial technologies, developed by Kadmos’ engineering teams, for paying employees around the world. In choosing Kadmos’ salary payment platform, CSM will help their crews improve the security, speed, and transparency of home remittances while reducing reliance on cash.
Former Capt. Roy Machart, Global Key Account Director Marine at Kadmos, explains, “We are excited to start helping the seafarers at CSM get more out of their salaries while making sure that they are keeping their money safe and secure.”
Kadmos has developed its salary payment platform as a response to the outdated and costly ways in which seafarers are being paid. The aim of Kadmos is to help seafarers have more control over their money and improve administrative efficiency for shipping companies.
Mr O’Neil added: “This partnership and the implementation of Kadmos’ secure and digitalized payment solution to our fleet is part of our wider endeavour to increase the welfare of our crew on board whilst also looking at innovative ways we can limit the costs for our clients. Adding services like this to our portfolio underscores CSM’s commitment to be a leader in innovation and performance throughout the fast-paced maritime environment.”
By using the Kadmos app, CSM is able to offer its employees personal EU-based e-wallets and debit cards that can be used worldwide. The reduction of physical cash while simplifying and digitalizing the way cash advancements are paid to crews, constitutes major developments in helping seafarers.
Additionally, the e-wallet allows seafarers to hold their money in stable currencies such as US Dollars or Euros. With Kadmos e-wallets, seafarers can transfer money easier than ever before while the debit cards tied to their accounts provide for greater flexibility when withdrawing cash or making purchases.
“CSM has long been at the forefront of innovation in the shipping industry, and we are happy that they chose Kadmos to help make their salary payment processes quicker and more efficient,” adds Kadmos co-founder Sasha Makarovych.
Latest News
ClassNK releases ‘Prime Shipmanagement Guidelines’
(Posted on 01/05/25)ClassNK has released ‘Prime Shipmanagement Guidelines’ which aim to achieve sustainable... Read more
MCTC ensures quality remains at top of the table amid global tensions
(Posted on 30/04/25)In the face of unpredictable provisioning costs, port disruptions, and longer lead times MCTC has reinforced... Read more
NORDEN raises full-year guidance for 2025
(Posted on 28/04/25)On the back of the increased gains from sales of vessels and good operational performance, NORDEN, a... Read more
INTERCARGO welcomes ILO recognition of seafarers as key workers
(Posted on 28/04/25)The International Association of Dry Cargo Shipowners (INTERCARGO) has welcomed the recent decision... Read more
MMS advises why seafarers must remain vigilant about malaria
(Posted on 25/04/25)Despite its lack of publicity, malaria remains an ongoing epidemic and a perilous threat to seafarers... Read more
Veson: Bulker S&P activity falls sharply in Q1 2025
(Posted on 22/04/25)Due to market uncertainty, overall sale and purchase levels for Bulkers have fallen year on year, with... Read more
Britannia Group announces CEO succession plan
(Posted on 22/04/25)The Britannia Group, a leading P&I insurer, has announced that its Chief Executive, Andrew Cutler... Read more
INTERCARGO responds to IMO's decision on GHG reduction measures
(Posted on 15/04/25)At last week's landmark MEPC 83 meeting, the International Maritime Organization (IMO) Member States... Read more
NORDEN sells two additional vessels
(Posted on 15/04/25)In line with NORDEN’s strategy to realise asset values, the global provider of ocean-based freight... Read more
ILO delivers on Seafarers Key Worker Rights and fair treatment
(Posted on 15/04/25)The fifth meeting of the Special Tripartite Committee (STC) of the MLC concluded last week with some... Read more
