Specifically, the Freight-Pay smart platform, developed by PayCargo, allows instant payment of international transactions. The benefit that this platform brings is that it cuts costs lower than traditional transactions, but still ensures a level of security. In addition, the platform also provides users with flexibility and the ability to update data quickly after a successful transaction.
Dr. Stephane Graber, Director General of FIATA said: “Freight-Pay aims to simplify the day-to-day business of forwarders. As we become more digitally focused, we must continue to equip our members with state-of-the-art tools to make their day-to-day tasks easier. Thereby, we have partnered with PayCargo and jointly developed the Freight-Pay solution so that FIATA members can have an efficient, secure, and cost-effective platform for remittance transactions”.
This activity marks the first time that FIATA has actively applied digitally to the association’s activities. Steve Walker, head of forwarding consultancy SWG Global, talked about digitization in the forwarding sector in the past and worked with FIATA’s new management to help FIATA seize this opportunity. In addition, he also expressed his wish that national associations actively promote businesses to use this platform.
Besides, Freight-Pay is not only an opportunity for FIATA to prove its value to its members, but it also marks a new direction for PayCargo, which last month lost its partnership with a branch of IATA in the United States because PayCargo’s ability to meet the requirements of IATA is not yet compatible. Despite losing a link, PayCargo has now seized the opportunity to cooperate with FIATA.
“A system like Freight-Pay will help businesses across the globe operate more efficiently, with greater flexibility,” said Lionel van der Walt, Global Commercial Director at PayCargo. “Current international payment methods are slow, expensive, and often unavailable for many businesses. Freight-Pay has been specifically designed to address these challenges for the FIATA freight forwarding community”.
Previously, a similar platform, which helps pay the forwarder, existed, exclusively for members of the World Cargo Alliance (WCA). The difference is that the WCA – PartnerPay version is free and the PayCargo – FIATA platform seems to have a transaction fee.