SAN JUAN, Puerto Rico, Dec. 30, 2019 /PRNewswire/ -- Streamlining the payroll delivery of the maritime industry represents a big challenge for those who entered this market over the past years because they know how complex it is to implement a standard card system in the business ecosystem.
The maritime salary payment industry deals with manning, ship and crew management companies, ship owners, government regulations across multiple countries and jurisdictions - all standing in the path of efficient delivery of a recipient's salary.
Through First Finance International Bank (FFIBI), the Australian-based Seafarer Foundation has developed a General Purpose Reloadable Multi-Currency Card program ready for introduction across the maritime environment.
FFIBI, a NeoBank registered in Puerto Rico, will load the payroll from the shipping company directly to the seafarer's account via a closed and open-loop secure system to which the payroll card is linked. The payroll is then immediately available for withdrawal at any ATM or POS facility worldwide in local currency with no bank FX markup. The seafarer may also transfer funds to a linked family card or send money to their family through a network of over 600,000 locations or pay their bills.
Altering the final delivery process to "Salary Direct to Card" of seafarers' pay is a true revolution for the marine industry and its community, adding not just a significant savings in fees, anywhere from $400 to $600, and delivery time.
"This partnership is the result of two years of dedicated efforts by FFIBI and its team. The strategic positioning and regulatory environment of a NeoBank located in Puerto Rico allowed FFIBI to provide such service to seafarers and the thousands of shipping crew members they serve worldwide," says Michel Poignant, CEO of FFIBI.
For Masters, a "Ship Card" is available for the payment of port fees and the purchase of goods and services worldwide.
About First Finance International Bank Inc.:
FFIBI was licensed on May 16, 2017, as an International Financial Entity (IFE) with the Puerto Rico Office of the Commissioner of Financial Institutions. FFIBI is the first NeoBank registered in Puerto Rico offering digital-only banking services.
About Seafarer Foundation:
The Seafarer Foundation, via its Australian trading company Secure Seas Pty Ltd, supplies an international payroll/debit card/fin-tech program to pay internationally traveling merchant seafarers wages and to lay a benefit plan via the Seafarer Foundation for the approximately 450 seafarer centers in ports throughout the world.
Deborah Accos - [email protected]
James McCully - [email protected]
SOURCE First Finance International Bank