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DIABOS Launches Pay-Master, its Revolutionary Cash to Master Solution, in Singapore

Wednesday, 26 April 2017

DIABOS Expands Pay-Master Features to offer an Integrated Solution to Ship Owners and Managers.

DIABOS, known within the shipping industry for delivering innovative and efficient port call management services, today introduced its revolutionary ‘DIABOS Pay-Master’ Solution at the Singapore Maritime Technology Conference. First launched at the 16th Navigator 2016 Forum, DIABOS will now offer the solution with fresh developments bringing further advantages to vendors and potential customers.

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 and crew payments incurred on almost every voyage. The current Cash to Master scenario exercised in the industry is not only expensive and time-consuming but a risk to the company as well. 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 7 percent, increased insurance premiums if excess cash is leftover on the vessel, time required to get the funds wired, problems associated with local banks holding up funds for various reasons and the war on cash by governments around the world.

Having realized 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, DIABOS has introduced its Pay-Master 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 Mastercard®.

Apart from improving the end-user experience and allowing enterprises to save costs and exercise greater control and visibility of funds; DIABOS’s solution offers the following advantages: 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 owner; overall savings by cutting down third party commissions and other fees associated with cash payments; and 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. Additionally, it also provides the advantage of supporting salary advances and ad hoc payments using Mastercard cards assigned to crew, thereby, facilitating instant transfer of salary advance payments and crew bonus payments via crew cards.

Speaking about the current developments, Imran Vohra, Chief Executive Officer and President, DIABOS said: "Since its launch, Pay-Master has gathered interest from several major shipping firms across Europe. Working on further enhancing Pay-Master based on market feedback, DIABOS is registering various vendors and suppliers at major ports to work with them and ensure that they can accept Mastercard as a convenient and preferred form of payment. DIABOS is also collaborating with companies that provide e-procurement solutions for buyers and sellers in a marine environment to offer payment solutions via the provision of Pay-Master cards thereby completing the whole cycle. In addition to this, Pay-Master can be customized for clients based on their work processes and teams involved and services can be extended to replace cash for crew, master, fleet managers, and superintendents."

With these developments, DIABOS is looking to solve the problem of not just sending and keeping thousands of dollars of cash on board, but also providing an integrated system to ship owners where all kinds of transactions/data can be seamlessly undertaken, shared and viewed rather than through multiple communication systems and modes.

For further information, you can visit the DIABOS stand (Booth 18 & 19) at the Singapore Maritime Technology Conference from the 26th – 28th of April.

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