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DIABOS launches Pay-Master, a revolutionary Cash to Master Solution

Tuesday, 03 November 2016

DIABOS, known within the shipping industry for delivering innovative and efficient port call management, is all set to extend its portfolio of services by launching its revolutionary ‘DIABOS Pay-Master’ Solution at the 16th Navigator 2016 – The Shipping Decision Makers Forum – taking place on 4 November, 2016 in Athens, Greece.

DIABOS, in partnership with Tramonex and ICS Payments, will be delivering a new solution to help shipping companies transition from the traditional Cash to Master transfer journey, to a new electronic approach of managing cash flows and making payments using Mastercards.

Ship owners and managers have the inevitable day to day task of remitting Cash to Master payments via the appointed port agent to the Master to cover various ship expenses incurred on almost every voyage. The current Cash to Master scenario exercised in the industry is not only expensive and time consuming but severely hinders cash flow due to trapped cash. Some of the issues with the current process include: no visibility of funds once sent to the port agent, restrictions on currency or the amounts that can be sent, cash delivery costs of 5 to 10 percent, increased insurance premiums if excess cash is leftover on the vessel, time required to get the funds wired, and problems associated with local banks holding up funds for various reasons.

The DIABOS Pay-Master solution improves the end-user experience and allows enterprises to save costs and exercise greater control and visibility of funds. The solution also supports payroll/contractor payments using Mastercard cards assigned to crew, thereby, facilitating transfer of bulk monthly salary payments and crew bonus payments via crew cards.

Imran Vohra, Chief Executive Officer and President, DIABOS said: “Several years ago, DIABOS envisioned the need for a dramatic payment and application infrastructure shift to manage the pain points experienced by vessel owners when managing the cash to master process. Over the years, we have done extensive research, made strategic technology investments, as well as collaborated with leading service providers in order to evolve our services and offer the DIABOS Pay-Master solution.”

Advantages provided by the solution include: cutting down time required to get funds remitted to third party/port agents from 6-7 days to 1-2 days, thereby providing more flexibility to the vessel manager and master; overall savings by cutting down third party commissions and other fees associated with cash payments; reducing waste of excess cash left onboard, as unused funds can be immediately retrieved back to the central trust account or transferred to other vessels in the local currency required. Hence, this solution consequently allows ship owners and managers to save on higher insurance premiums and free up cash lines.

Speaking about the solution and partnership with DIABOS, Khalid Talukder, Chief Revenue Officer, Tramonex said: “Tramonex designs solutions that make managing payments and collections not only simpler and more efficient, but also less operationally cumbersome. Our platform is designed to streamline FX operations and provide companies with competitive market rates. This collaboration with DIABOS combines our easy-to-use platform with their vast experience in the industry.”

The 16th Navigator 2016 Forum will take place at Divani Apollon Palace & Thalasso, Vouliagmeni in Athens, Greece.

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