Columbia Shipmanagement (CSM) has announced a partnership with Berlin-based Fintech Kadmos to automate and digitalise its seafarers’ salary payouts.
Kadmos’ salary payment platform is designed for paying workforces that are dispersed worldwide. The technology will 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.
This partnership will utilise 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.
Kadmos has developed its salary payment platform as a response to the outdated and costly ways in which seafarers are being paid.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.
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support and encourage new players in the shipping industry to challenge the status quo and to reform and update outdated practices in line with the dynamic expectations of their clients.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 and the implementation of Kadmos’ secure and digitalised 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 digitalising 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.