First Finance International Bank (FFIBI) enters the maritime industry by providing payroll and digital card services

San Juan, Puerto Rico, Dec. 30 2019 / PRNewswire / – Streamlining the shipping industry’s payroll delivery is a big challenge for those who have entered this market in recent years, as they know how complex it is to implement a standard card system in the business ecosystem.

The maritime wage payment industry deals with manpower, ship and crew management companies, vessel owners, government regulations in several countries and jurisdictions – all on the path to efficient delivery of a beneficiary.

Through First Finance International Bank (FFIBI), the Australia-based Seafarer Foundation has developed a general purpose reloadable multi-currency card program ready for introduction into the maritime environment.

FFIBI, a NeoBank registered in Porto Rico, will load the pay of the shipping company directly into the seafarer’s account via a secure open and closed loop system to which the pay card is linked. The payroll is then immediately available for withdrawal at any ATM or point of sale worldwide in local currency without any FX bank markup. The sailor can also transfer funds to a linked family card or send money to his family through a network of more than 600,000 locations or pay his bills.

Changing the final delivery process to a “Salary Direct to Card” for seafarers’ compensation is a real revolution for the maritime industry and its community, adding not only a significant saving in costs, ranging from $ 400 at $ 600, and delivery time.

“This partnership is the result of two years of dedicated efforts on the part of FFIBI and its team. The strategic positioning and regulatory environment of a NeoBank located in Porto Rico enabled FFIBI to provide such a service to sailors and the thousands of maritime crew members they serve around the world, ”said Michel Poignant, CEO of FFIBI.

For Masters, a “Ship Card” is available for the payment of shipping costs and the purchase of goods and services worldwide.

About First Finance International Bank Inc .:

FFIBI was authorized on May 16, 2017, as an International Financial Entity (IFE) with the Office of the Commissioner of Financial Institutions of Puerto Rico. FFIBI is the first NeoBank registered in Porto Rico offering digital-only banking services.

About the Seafarers Foundation:

The Seafarer Foundation, through its Australian trading company Secure Seas Pty Ltd, provides an international payroll / debit card / fin-tech program to pay the salaries of merchant seamen traveling overseas and to establish a benefits plan through the Seafarer Foundation for the 450 or so seafaring centers in ports around the world.

Media contacts:

Deborah Accos[email protected]

James mccully[email protected]

SOURCE First Finance Banque Internationale

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