CargoAi launches fintech payment solution

CargoAi has launched CargoWALLET: a fintech solution for air cargo with supply chain financing capabilities that will allow freight forwarders to make payments for their air cargo shipments directly within the company’s existing CargoMART and CargoCONNECT booking systems.

The new solution was developed in partnership with CargoTech and has undergone months of testing

CargoAi CCO Magali Beauregard hailed the “exponential capabilities” CargoWALLET brings to the industry.

She said: “Not only does air cargo booking become more seamless, but the entire procurement from search, quote, booking, and now payment can be done within minutes on just one interface – CargoMART.”

CargoWALLET users can search and book shipments instantly without an IATA Cass Number, AWB stock or bank guarantees. Extended payment terms are available to help manage cash flow, and the system has global reach: users can book cargo from anywhere in the world, and pay in more than 30 currencies with minimal transaction costs.

The basic functions of everyday digital wallets are all features of CargoWALLET, replicating the ease of use that many forwarders are already familiar with in their personal lives, CargoAi said.

According to chief executive Matt Petot, the solution “brings the best practices from other industries to air cargo and enables a seamless process regardless of any freight forwarder’s import origin”.

He added: “By having multiple different functions within one digital solution, CargoWALLET is the first of its kind to have so many benefits for freight forwarders of all sizes.”

Beauregard agreed. “Similar to our other products (such as Cargo2ZERO) we are helping not just the large industry players connect with each other in the digital air freight ecosystem, but ensuring stakeholders of all sizes get to stay ahead in the digital adoption as well.”

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