Launched in February 2023, CargoAi’s CargoWALLET has quickly gained traction and today facilitates cargo payments in over 47 currencies. The freight industry’s fastest growing digital enabler has now appointed global payment expert, Olivier Veyrac as its Senior Vice President for CargoWALLET.
Over the last 18 month, CargoWALLET has been adopted by 5,000+ Airlines, Freight Forwarders, GHAs and logistic service providers. With CargoWallet, CargoAi freight professionals can now pay from 150 countries and in over 47 currencies using local payment methods. The wallet is available to all logistics companies. CargoWALLET is proving particularly attractive to freight forwarders because of its instant-cross-border payment capability. With the wallet, airlines can accept instant payments from all their customers, rather than inconvenient cash payments, long settlement times or having to rely on bank guarantees before accepting a booking.
The integration of CargoWALLET directly with freight forwarders Transport Management System (TMS) is an additional use case permitting faster payment and reconciliation via multiple payment methods.
“Positive customer feedback and the rapid success of CargoWALLET show that the industry is keen on adopting reliable payment solutions,” says Matt Petot, CEO of CargoAi. “CargoWALLET has reached critical adoption in its early version. I am delighted that Olivier Veyrac has joined us as Senior Vice President of CargoWALLET to take it to the next level. Olivier Veyrac has extensive financial technology and technology integration experience, working with companies across the world. Furthermore, his experience scaling global BtoB payments solutions and commercial partnerships will prove invaluable to the success of CargoAi fintech venture.
“CargoWALLET offers the broadest reach by far in the industry with the enablement of over 200 payment methods from 150 countries. It meets the security and confidentiality requirements demanded by the strict banking regulations, making it one of the strongest options in the industry” Said Veyrac, he added: “There is still room for improvement. More new features, more partners, and more countries are my goals for the coming months.”
Cross-border payments via CargoWALLET, have dropped processing times from days to seconds, and reduced bank fees. It also opened up the possibility for some import customers in some parts of the world to settle their accounts electronically for the first time. Many forwarders are going one step further and use CargoWALLET as their second bank account, With the addition of Olivier Veyrac, CargoWALLET is set to eliminate every last obstacle in the freight customer payment journey.”
