ShipMoney Wins Marine Digital Technology Award
ShipMoney, a global maritime provider of digital payment solutions, has won the prestigious Marine Digital Technology Award organized by Seatrade Maritime in association with Lloyd’s List.
Regarded as the industry’s leading awards programme, Seatrade Awards has been championing the work of individuals and organisations for over three decades. During the online ceremony, 14 outstanding winners joined Maritime’s greatest roll of honour for their remarkable commitment to the industry and outstanding achievements over the last 18 months.
The award recognized the development of ShipMoney’s innovative next-generation maritime payment solutions that replaces traditional banking, reduces cash-to-master and bank wire costs, and simplifies the administration of crew payroll enabling crew to receive and manage their wages in real-time anywhere in the world.
ShipMoney helps with crew welfare and mental wellbeing as worrying about money is one of the most significant factors in causing high stress levels amongst seafarers. ShipMoney’s digital payment solutions gives control back to crew ensuring they get paid on time and have the ability to manage their finances online.
Seafarers can send money home, withdraw cash, schedule payments or use their physical or virtual ShipMoney card to make purchases throughout the world, wherever Visa is accepted. ShipMoney is the only program in the world with scheduling functionality that simultaneously encompasses bank wire transfers, cash pay-outs via Western Union and MoneyGram, and card-to-card transfers. It empowers seafarers to schedule transfers and cash pay-outs at a time that is convenient for them, providing the ability to select different modalities, different amounts on different days to multiple beneficiaries. The Money Transfer Scheduler also benefits shipping companies as it reduces their administrative burden by shifting the responsibility of money transfers to their crews. It is a prime example of how digital payment solutions are revolutionizing maritime.
In this acceptance speech Founder and President Stuart Ostrow thanked the judges for selecting ShipMoney, noting that the award helps showcase solutions that enhance seafarer well-being and was “a driving concern of our organization and the reason behind everything we do.”
He went on to say, “Winning this award enables us to highlight the need for improving the lives of seafarers. We are grateful that our maritime digital payment solutions are having a positive impact especially as crew have had to endure severe hardships during the height of the pandemic, away from their loved ones and spending longer than anticipated periods onboard due to the restrictions brought about by the pandemic.”
Maritime Payment Solutions, LLC (d/b/a ShipMoney) is an industry-leading provider of payment solutions for maritime companies throughout the world, facilitating crew payroll payments, international corporate remittances, network payments, money transfers, mobile top-ups, payroll advances, onboard expenses and all other forms of shoreside and onboard payments. The founder of ShipMoney, Stuart Ostrow, was directly responsible for, and instrumental in the initial development of prepaid payment programs for the cruise line industry. ShipMoney is the second generation of that endeavor. ShipMoney is an operating subsidiary of Global Technology Partners, LLC. GTP is one of the largest international prepaid payment processors in the world providing services and programs in over 30 countries.