FIATA and PayCargo launch Freight-Pay
FIATA, in collaboration with financial technology company, PayCargo, has launched Freight-Pay - a custom platform developed for the freight forwarding federation's members to facilitate online transactions between themselves, while benefitting from reduced transaction costs and heightened security features.
The platform allows FIATA members to send and receive money to and from other members worldwide who have also joined the platform, and easily search through transactions, the Geneva-based industry body said in a statement.
Members will benefit from reduced transaction fees, flexibility of payment, and best-in-class security features. They can register to the platform and save time and money, while benefiting from Freight-Pay’s user-friendly features and end-to-end encryption, it added.
“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's 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 is 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.”
Lionel van der Walt, Global chief commercial officer at PayCargo noted that “a system such as Freight-Pay will help to enable businesses, irrespective of their location, to become truly global in their operations. International partnerships will become simplified, more readily available and the cost of doing business significantly reduced.
“Existing methods of international payments are slow, expensive, and often unavailable to many businesses; Freight-Pay has been specifically designed to address and resolve these challenges for the FIATA freight forwarding community.”
PayCargo has a track record of teaming up with like-minded associations and companies to develop tailored solutions.
In April this year, it 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 $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, including IBS Software, Unisys, Champ Cargosystems, Accelya, Kale, Nexshore, 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.