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Tuesday, December 18, 2018 

Maritime payments provider ShipMoney has signed an agreement with maritime SIM card provider iVitta that will give it access to thousands of seafarers keen to embrace new advances in the way they receive their monthly wages.

Under the terms of the agreement, seafarers using iVitta’s SIM card services will now be able to access ShipMoney’s payment solutions. iVitta sees the tie up as offering additional benefits to seafarers.

Stuart Ostrow (pictured), President of Maritime Payment Solutions – ShipMoney, said the agreement was an excellent opportunity to provide brand extension to ShipMoney’s web-based platforms. “It is all about putting the needs of the crew before everything else and, through the arrangement we have agreed with iVitta, the seafarers will be offered a variety of new value-added services.”

Simon Black, CEO of iVitta, added: “The agreement with ShipMoney will help us secure more traction in the shipping industry. E-money and telecoms are closely linked and non-competitive. Essentially we are dealing with the same end customers so we hope to gain leverage from each other. It’s a win-win for both ShipMoney and iVitta.”

Historically, crewmembers have been paid with cash onboard and then wired payments back home – a costly and inefficient way to administer onboard pay that has not changed in several decades. ShipMoney enables employers to offer crew the flexibility to directly manage their wages providing them with immediate access and control anywhere and at any time in a cost-efficient manner.

With ShipMoney, seafarers can deposit, hold and manage over 100 currencies within a singular account simultaneously. They can send payments worldwide 24/7 with ShipMoney’s online platform or maritime employers can process bulk payments with ShipMoney’s simple file upload functionality. Users can also automate payments by integrating their finance and accounting systems with ShipMoney’s corporate payment system.

“With our API library, you can convert and send funds instantaneously, book trades in advance or distribute payments worldwide,” said Ostrow.

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