CargoAi introduces digital solution for e-booking payments

CargoAi has added a payment solution to its digital cargo booking platform, CargoWALLET, which allows freight forwarders to make payments for air cargo shipments within the platform’s CargoMART booking flow. The new solution features instant payments for forwarders without the need for air waybill (AWB) stock, or a Cargo Accounts Settlement System (CASS) number from the International Air Transport Association (IATA), according to a Feb. 20 release. The fintech payment solution acts as a digital wallet embedded within CargoAi’s system, allowing forwarders to hold an account balance, top it up and view transaction history, the release stated. Forwarders also have up to 60 days to pay for bookings as well as the ability to export from other countries by purchasing cargo directly with airline rates. Smaller forwarders will now be able to book cargo with any carrier as opposed to other platforms that only allow forwarders to book with carriers they already have an account or bank guarantee with, a CargoAi spokesperson told Air Cargo Next . Those bookings can be made for the same cost as a bank transfer. “We were aware that despite CargoMART serving as a digital conduit for procurement (and accelerating the search, quote, booking process), this would not overcome the barrier that exists where small freight forwarders are not able to book airlines directly because of the complexity of requiring an IATA CASS account or AWB stock,” the spokesperson said. The team spent two years developing the solution, with the goal to add digital supply chain financing options that already exist in other industries as well as ensure long-term payment options. This is not possible through IATA CASS numbers or direct airline bookings, the spokesperson said. “We therefore needed to create a worldwide payment system to cover the 100 countries that our airlines and freight forwarders are in,” the spokesperson added. “It was necessary for us to establish our own payment infrastructure and network in order to present a competitive alternative to the market, while maintaining the same cost as a bank transfer.” In September 2022, the company launched Cargo2ZERO , a dashboard that provides forwarders with a CO2 efficiency score for bookings and analytics on procurement decisions such as search behavior and greenest option usage over time. The feature also allows customers to directly purchase sustainable aviation fuel for bookings. The company also partnered with U.K.-based Neste in November to allow bookings using the fuel supplier’s MY Sustainable Aviation Fuel.

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