PayCargo builds payment platform for forwarders
PayCargo has developed a platform, called Freight-Pay, which will allow International Federation of Freight Forwarders Associations (FIATA) members to instantly make and receive payments between themselves, while benefitting from reduced transaction costs and heightened security features.
FIATA members can register on the platform free of charge to make and receive payments globally.
“We have worked with FIATA to develop a cost-effective custom online payment platform to ensure their members have access to, and can benefit from, the ongoing digitization of the freight payment industry,” said Lionel van der Walt, global chief commercial officer, PayCargo.
“Freight-Pay simplifies transactions and reduces costs in a secure environment, supporting FIATA members to grow their business and improve efficiency and customer service delivery.
“PayCargo remains focused on leading open collaboration projects that will benefit the broader industry as we continue to digitise.”
Freight-Pay is end-to-end encrypted and allows FIATA members to create an account, send and receive money to and from other members worldwide, and provides them with instant visibility and access to transaction data.
“Freight-Pay is meant to simplify the freight forwarder’s day-to-day business and we are excited to introduce this new tool to our members,” said Dr Stephane Graber, FIATA Director General.
“As we dive deeper into the digital world, we must continue to equip our members with hands-on resources that make their daily practice easier. That’s why we collaborated with PayCargo to develop the Freight-Pay solution, so that FIATA members can have an efficient and secure platform to transfer money among themselves at a reduced cost.”
PayCargo has a track record of teaming up with like-minded associations and companies to develop tailored solutions.
In April, PayCargo worked with Air Cargo Netherlands to simplify the payment and collection of the Association’s membership and delegate transactions.
In June, PayCargo secured a Series B investment of US$125 million with global private equity firm Insight Partners which will be used to further develop digital payment tools and services for platform users.
The online payment platform is also working with companies such as IBS Software, Unisys, Champ Cargosystems, Accelya, Kale, Nexshore, and more, to offer better payment options, and to broaden access to contactless digital payments across the industry, using state of the art API technology to achieve this.