ShipMoney and V.Group form crew and corporate payments partnership

(Posted on 14/10/22)

ShipMoney has announced a new long-term strategic partnership with V. Group to digitalize its seafarers’ payroll system, ensuring a more secure and efficient way to pay its workforce. In addition to crew payments, the agreement enables V. Group to make international corporate remittances, network payments, money transfers and all other forms of shoreside and onboard payments.

The ShipMoney Account Management System is robust but simple to use and manage compared to the usual systems and meth¬ods for crew payment. Companies using ShipMoney’s 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 digitalization, 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, CEO of V. Group.

Founder and President of ShipMoney, Stuart Ostrow said: “I’m delighted about this partnership with V. Group as it demonstrates how forward-thinking ship managers 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 recognizes 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 customized 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 continued.