Columbia Shipmanagement (CSM) has announced a partnership with Berlin-based Fintech Kadmos to automate and digitalize its seafarers’ salary payouts.
With a growing demand for better payment options that increase security and transparency, CSM has selected Kadmos’ salary payment platform which is designed for paying workforces that are dispersed worldwide. Kadmos’ technology will drastically improve the way CSM crews receive and manage their salaries, enabling greater self-service opportunities while seafarers obtain more security and flexibility with their salary payouts. This announcement comes soon after Kadmos closed a €29m Series A funding round which will accelerate further technological and product development.
Mark O’Neil, CEO of CSM, said: “Columbia is incredibly excited to have teamed up with Kadmos’ young, dynamic and innovative team of experts who have developed an excellent and secure payment product. We strongly support and encourage new players in the shipping industry to challenge the status quo and to reform and update outdated practices in line with the dynamic expectations of their clients.”
This partnership will utilize innovative financial technologies, developed by Kadmos’ engineering teams, for paying employees around the world. In choosing Kadmos’ salary payment platform, CSM will help their crews improve the security, speed, and transparency of home remittances while reducing reliance on cash. Former Capt. Roy Machart, Global Key Account Director Marine at Kadmos, explains, “We are excited to start helping the seafarers at CSM get more out of their salaries while making sure that they are keeping their money safe and secure.”
Kadmos has developed its salary payment platform as a response to the outdated and costly ways in which seafarers are being paid. The aim of Kadmos is to help seafarers have more control over their money and improve administrative efficiency for shipping companies.
Mr O’Neil added: “This partnership and the implementation of Kadmos’ secure and digitalized payment solution to our fleet is part of our wider endeavour to increase the welfare of our crew on board whilst also looking at innovative ways we can limit the costs for our clients. Adding services like this to our portfolio underscores CSM’s commitment to be a leader in innovation and performance throughout the fast-paced maritime environment.”
By using the Kadmos app, CSM is able to offer its employees personal EU-based e-wallets and debit cards that can be used worldwide. The reduction of physical cash while simplifying and digitalizing the way cash advancements are paid to crews, constitutes major developments in helping seafarers. Additionally, the e-wallet allows seafarers to hold their money in stable currencies such as US Dollars or Euros. With Kadmos e-wallets, seafarers can transfer money easier than ever before while the debit cards tied to their accounts provide for greater flexibility when withdrawing cash or making purchases.
“CSM has long been at the forefront of innovation in the shipping industry, and we are happy that they chose Kadmos to help make their salary payment processes quicker and more efficient,” adds Kadmos co-founder Sasha Makarovych.
Reference: Columbia Ship Management