Freight-Pay allows FIATA members to instantly make and receive payments between themselves with minimised transaction costs. Credit: frank mckenna on Unsplash.

PayCargo has rolled out a tailormade payment solution for International Federation of Freight Forwarders Associations (FIATA) members.

Dubbed Freight-Pay, the new solution enables FIATA members to instantly make and receive payments between themselves with minimised transaction costs.

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According to PayCargo Global chief commercial officer Lionel Walt, the solution would support ‘FIATA members to grow their business and improve efficiency and customer service delivery’.

FIATA members will be able to sign up on the platform, free of charge, to send and receive money to and from other members around the world.

The end-to-end encrypted platform is said to offer users instant visibility and access to transaction data.

Walt said: “We have worked with FIATA to develop a cost-effective custom online payment platform to ensure their members have access to, and can benefit from, the ongoing digitalisation of the freight payment industry.”

Commenting on the development, FIATA Director General Stephane Graber said: “As we dive deeper into the digital world, we must continue to equip our members with hands-on resources that make their daily practice easier.

“That’s why we collaborated with PayCargo to develop the Freight-Pay solution, so that FIATA members can have an efficient and secure platform to transfer money among themselves at a reduced cost.”

Last month, PayCargo raised $125m through a Series B investment round to further develop its digital payment tools and services for platform users.

In April this year, the firm collaborated with Air Cargo Netherlands to simplify the payment and collection of the Association’s membership and delegate transactions.

Last year, IBS Software, a SaaS solutions provider to the travel industry, reached a partnership with PayCargo.

The collaboration was aimed at offering digitalised payment options to air freight carriers and cargo ground handlers.

PayCargo also has existing partnerships with Unisys, Champ Cargosystems, Accelya, Kale, and Nexshore, among others.