CargoAi’s CargoWALLET, launched in FEB23, has quickly become a popular choice for handling cargo payments in over 47 currencies. To further accelerate its growth, CargoAi has appointed global payment expert, Olivier Veyrac as Senior Vice President for CargoWALLET.
Since its introduction, CargoWALLET has grown to count more than 5,000 airlines, freight forwarders, ground handling agents (GHAs), and logistics service providers among its users. The platform allows freight professionals to make payments from 150 countries using local payment methods. CargoWALLET’s instant cross-border payment capability is especially appealing to freight forwarders, as it enables airlines to receive instant payments from customers without having to resort to cash, suffer long settlement times, or await bank guarantees. And since CargoWALLET integrates directly with freight forwarders’ Transport Management Systems (TMS), it facilitates faster payment and reconciliation through various payment methods. In fact, this integration reduces cross-border payment processing times from days to seconds and lowers bank fees. CargoWALLET has even enabled some import customers to settle their accounts electronically for the first time. Olivier Veyrac is tasked with removing the remaining hurdles in the freight customer payment journey so that it is simpler and faster still for logistics companies to handle transactions globally.
Matt Petot, CEO of CargoAi, said: “Positive customer feedback and the rapid success of CargoWALLET show that the industry is keen on adopting reliable payment solutions. 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.” Olivier Veyrac commented: “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. There is still room for improvement. More new features, more partners, and more countries are my goals for the coming months.”
