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ShipMoney Extends Payment Solutions to Bernhard Schulte Shipmanagement

ShipMoney and Bernhard Schulte Shipmanagement (BSM),
Ship Money President and Founder, Stuart Ostrow

Published Oct 4, 2022 9:27 AM by The Maritime Executive

ShipMoney has expanded its agreement with Bernhard Schulte Shipmanagement (BSM) to include the ship manager’s global fleet.

Extending the existing agreement to the worldwide fleet reinforces BSM’s commitment to digitizing its payment processes to enable greater financial management efficiencies for all crew wages and CTM payments while offering seafarers freedom and flexibility to manage their wages.

ShipMoney is a purpose-built proprietary digital account management system which enables bespoke scalable payment solutions.  Companies using ShipMoney’s system can pay crew members instantly with a single file upload or from their own crewing/payroll system via an API integration. The digital platform provides flexibility and offers transparency to clients who benefit from significant savings on wire transfers and cash-to-master costs.

“The reason for the deepened cooperation with ShipMoney is their deep understanding and vast experience with implementing and managing crew payment programs, their excellent Client Management and Training Teams and their seamless integration with our own crewing software. But above all, Shipmoney now offers our seafarers from all nations the opportunity to receive wages digitally and to have complete control and access to their wages while onboard ship. The implemented payment process reduces the need for large amounts of cash to be delivered onboard and to administer individual crew wire payments sent to home bank accounts,” said Dennis Moehlmann, / Project Manager for BSM.

Founder and President of ShipMoney, Stuart Ostrow said: “We are honored to expand our relationship with BSM as they rollout our digital crew payment programs to their global managed fleet.  We have an excellent working relationship with the Company and have the same vision to modernize the way in which crew wages are administered while helping seafarers and their families.”

The products and services herein described in this press release are not endorsed by The Maritime Executive.