Banking and Payment Solutions for the Shipping Industry [whitepaper]

A Comprehensive Resource for Supply Chain CFOs

In today's logistics marketplace, projected to reach $9 trillion by 2031, supply chains face unprecedented disruptions while financial inefficiencies remain critically overlooked, costing companies an estimated $184 million annually per disruption. Traditional banking limitations, their SMB neglect, and international expansion barriers are the bottlenecks for shipping and logistics companies potential. In the whitepaper by Narvi Payments, find out how adopting a purpose-built financial infrastructure can fuel a supply chain firm's growth.Download the full whitepaper (pdf) via the link below — no email required:

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Not yet? Scroll down to read the shortened whitepaper here:What does it take to truly modernize a supply chain? For decades, the global logistics and shipping sectors have relied on outdated systems. Financial inefficiencies often remain overlooked even as industries focus on streamlining operations and adopting cutting-edge technologies. Without modernized banking solutions, even the most advanced supply chains will struggle with inefficiencies such as delayed payment and the lack of liquidity.In This Whitepaper:

Industry Overview
Pain Points in Payments and Banking for Shipping Companies
Narvi’s Tailored Solutions for Shipping and Logistics
Driving Benefits with Narvi’s Solutions
Narvi Payments in Action: A Supply Chain Case Study
Future Innovations and Narvi’s Commitment to the Industry

Industry Overview: The Evolving Landscape of Shipping and LogisticsAccording to Exactitude Consultancy, the global freight and logistics market will be worth nearly $9 trillion by 2031 with a Compound Annual Growth Rate (CAGR) of nearly 5%. Major players such as Maersk, FedEx, and DHL dominate certain facets, while numerous smaller operators fill niche or regional roles. As a cornerstone of global commerce, the transportation industry relies heavily on international banking solutions to facilitate the movement of trillions of dollars worth of goods across borders each year. However, it is also fraught with challenges. Its complexity lies in managing a vast network of stakeholders—manufacturers, carriers, freight forwarders, and retailers—operating within a maze of international regulations. Furthermore, supply chains must consider the growing demands for sustainability, the impact of geopolitical shifts, and the rapid pace of digital transformation.Supply chain disruptions were up in the first half of 2024, rising nearly 30% and showing no signs of slowing down. Equally alarming is that 80% of organizations reported their supply chains suffered some type of disruption over the past 12 months. Disruptions, big and small, are costly. Estimates show disruptions cost organizations $184 million per year, but the figure could be much higher when you factor in the operational and reputational costs. The need to prevent and avoid disruptions has given rise to the industry's new buzzwords: resiliency, transparency, visibility, and agility. Organizations are re-evaluating their supply chain strategies and exploring China+1, differentiating suppliers, or nearshoring to avoid the next disruption. Many are adopting advanced banking logistics solutions and currency exchange solutions for the shipping industry to drive inefficiencies out of their supply chains and for greater control.Greater accessibility to technology and the rise of generative AI have opened the door to tangible innovations to long-standing problems. These innovations don't just benefit the major players. Taking into account the need for and the impact of small and medium-sized businesses (SMBs) in global trade, many companies now provide specialized freight payment service providers and marine industry payment solutions that are accessible to small and medium-sized businesses that even the playing field. Markets previously dominated by only larger players are now more accessible to SMBs. This is reshaping the global trade landscape and creating more opportunities for emerging markets like Vietnam to follow in China's footsteps. While barriers remain to expand internationally, the reward outweighs the risk, allowing organizations to unlock financial and operational advantages through innovative shipping industry payment solutions.

Pain Points in Payments and Banking for Shipping Companies

According to a report from KPMG, supply chain operations face greater scrutiny from banks. These same banks struggle to handle global payments in an automated way and face compliance challenges. Additionally, their rigid structures and legacy systems often fail to meet the agility demands of today's supply chains. It’s not a great match for an industry that relies on collaboration, and here’s why: Lack of Digital OnboardingThe lack of digital onboarding makes it difficult for modern, fast-paced businesses to open accounts efficiently. This process can be slow, manual, and frustrating, especially for supply chains that rely on speed and efficiency. Transportation industry international banking solutions are increasingly important as companies seek faster, more streamlined options for financial operations.Limited Understanding of Modern BusinessesTraditional banks often fail to meet the distinct needs of digital businesses, as they fail to offer the specialized services essential for success in global markets. They lack tools like multi-currency payments, wallet transfers, or card payments, which are essential for international commerce. The marine industry requires payment solutions that can handle the unique challenges of global shipping operations.IBAN DiscriminationBusinesses operating across Europe often encounter IBAN discrimination, where some traditional banks or institutions refuse payments to or from IBANs issued in specific countries. This creates unnecessary barriers for companies with operations or directors in multiple countries. International payment solutions for the shipping industry must address these cross-border challenges to ensure smooth operations.Clunky and Expensive Banking AppsBanking apps provided by traditional banks are frequently outdated, burdensome to use, and come with high fees. They often fail to meet the expectations of modern businesses looking for seamless digital experiences. Forward-thinking transportation banking solutions require intuitive interfaces that match the pace of global commerce.Basic and Restrictive ServicesTraditional banks typically offer only the basics—sending and receiving payments in the same currency—without options for multi-currency accounts, local payment methods, or advanced global transaction features. This limitation severely impacts shipping industry payment solutions, which need to accommodate diverse currencies and payment methods across global supply chains.Inflexibility in Adapting to New Payment OptionsBanks are slow to integrate new and emerging payment methods, leaving businesses with limited options to keep up with the demands of global trade and innovation. The complexity of modern supply chains requires banking logistics systems that can adapt quickly to changing market conditions.Neglect of Small and Medium Businesses (SMBs)Traditional banks see SMBs as less profitable, leaving smaller businesses underserved, with fewer services and limited support. In many cases, traditional banks outright reject small and medium businesses or provide only minimal account features, reserving advanced services for large, established corporations. This creates a significant gap in the market for specialized freight payment service providers that can properly serve businesses of all sizes.Narvi Payments' in-house technology delivers a fully digital banking platform to streamline international payments and simplify complex financial operations. Our solutions empower supply chains to compete more effectively in an interconnected global economy.

How can technology-driven solutions redefine global payment systems for shipping companies?Narvi builds all its technology in-house—from core banking solutions and applications to APIs and onboarding processes. This full-stack approach ensures greater control, faster product launches, and a superior user experience tailored to the logistics industry. For example, a new payment method that might take a traditional bank years to launch could be implemented by Narvi in just a few months, giving our clients a competitive edge in adapting to industry shifts.

Neil Ambikar, Co-Founder and CFO of Narvi Payments

Narvi’s Tailored Solutions for Shipping and Logistics

Narvi Payments is a modern financial platform built to address the limitations of traditional banks, especially for businesses navigating global markets. Our mission is to create a digital banking solution that is tailored for modern cross-border businesses, particularly those in industries like shipping and logistics, where agility, efficiency, and compliance are critical.Digital Onboarding and Support: Fast and Hassle-FreeOnboarding can take months with a traditional bank, but Narvi redefines the experience with a fully digital onboarding process that's swift and efficient. Businesses can complete the application process in as little as 10 minutes, bypassing the delays of physical paperwork and in-person meetings. To further streamline the process, Narvi assigns dedicated relationship managers to guide clients through onboarding and ensure compliance, providing personalized support every step of the way. This approach exemplifies how modern transportation banking solutions can eliminate traditional friction points that slow business growth.Global Payment Solutions: A Seamless NetworkNarvi supports over 65 currencies, and offers localized payment methods, empowering businesses to conduct seamless international transactions. From instant SEPA transfers across Europe to global SWIFT payments, Narvi's in-house technology bridges the gap between international banking systems.Our control over the entire tech stack enables rapid adoption of localized payment methods, ensuring businesses can adapt quickly to market demands without waiting for third-party updates. Thanks to SWIFT networks like ACH in the US or PIX in Brazil, Narvi provides unparalleled efficiency to and from local systems for seamless cross-border transactions.We streamline the once-complicated world of global payments, making it effortless and accessible. As a leading provider of international payment solutions for the shipping industry, Narvi ensures businesses can transact seamlessly regardless of their origin, empowering them to bypass discriminatory practices and focus on growth. Our robust network ensures reliability and agility every step of the way, empowering businesses to easily manage supplier payments in Asia, cross-border transfers in Europe, and other complex global transactions.Technology That WorksIn logistics and shipping, operational efficiency is key. Our platform delivers specialized banking logistics that integrate seamlessly with existing financial systems, providing API connections that automate processes and eliminate redundancies. Features like multi-user access and multiple IBANs allow businesses to maintain transparency while scaling operations effortlessly.For instance, whether adding multiple admin users or managing dedicated IBANS, we keep the process simple and user-friendly, ensuring fast access to financial tools that won't slow your business down. These technologies position Narvi among the most innovative freight payment service providers in today's market.Strategic Financial PositioningIn today's complex financial landscape, maintaining relationships with multiple financial institutions is increasingly vital for logistics companies. As a fully licensed EU EMI, Narvi provides not only direct financial services but also helps establish a documented track record of reliable business operations. This proven history of managing international transactions and maintaining healthy cash flows through an EMI account can significantly enhance a company's credibility when seeking additional banking relationships or financing options. Our comprehensive currency exchange solutions for the shipping industry create a detailed transaction data and operational history available through Narvi's platform that can serve as valuable documentation when applying for trade finance or working capital solutions from traditional banks.Furthermore, our platform's sophisticated reporting and analytics capabilities provide comprehensive visibility into your financial operations, helping demonstrate business stability and creditworthiness to potential financial partners. Companies leveraging Narvi's services often find that having an established EMI relationship strengthens their position when negotiating with traditional banks, particularly for specialized services like supply chain financing or international expansion support.Personalized SupportNavigating global compliance and financial regulations can be daunting. Narvi's marine industry payment solutions address this challenge by giving access to a relationship manager to each client. This expert provides tailored guidance on account management and regulatory compliance, ensuring businesses have a trusted partner to simplify complexities and resolve issues quickly. These transportation industry international banking solutions are specifically designed to meet the unique challenges faced by shipping companies operating across multiple jurisdictions.

In what ways do in-house technology platforms offer an advantage over third-party solutions in terms of speed and customization?We provide APIs so any client of Narvi can integrate these APIs into their own platform to make payments rather than having to log in to the online banking application. By automating cumbersome processes, we save time, scale faster, and can tailor to industries like shipping and logistics, while larger banks lack this agility because of their outdated legacy systems.

Neil Ambikar, Co-Founder and CFO of Narvi Payments

Driving Benefits with Narvi’s Solutions

Faster Transactions for Better Cash FlowDelayed payments can stall operations, but Narvi's streamlined processes enable faster transactions, improving cash flow and boosting operational agility. By minimizing bottlenecks, businesses can focus on growth rather than chasing payments.Tailored Financial SolutionsNarvi's tailored APIs meet the unique demands of the shipping and logistics industry by seamlessly integrating with their existing accounting, payroll, and expense management systems. For instance, logistics companies can streamline supplier payments across multiple countries, enhancing speed and accuracy while minimizing manual errors.Regulatory StabilityCompliance is non-negotiable in global operations. As a fully licensed electronic money institution, Narvi is authorized and supervised by Finland’s Financial Supervisory Authority (FIN-FSA), known for its rigorous standards and commitment to fostering stable financial markets. Compliance oversight is especially important in today’s global economy, where businesses face challenges like IBAN discrimination, varying compliance requirements, and changing financial regulations. Many digital wallets and neobanks operate with limited licensing. Narvi’s regulatory foundation gives you peace of mind. You can be sure every transaction undergoes maximum security, transparency, and compliance.Narvi’s licensing reduces risks and protects businesses from financial or operational disruptions caused by regulatory gaps. So, supply chains can focus on growth and innovation without compliance-related headaches. Whether navigating cross-border transactions or managing global supplier payments, Narvi is a secure and compliant financial platform you can trust.Technology as a Growth EnablerNarvi transforms financial operations into a growth enabler by bridging the gap between physical and financial supply chains. Our integrated platform allows businesses to align operational demands with financial strategy, positioning them for success in an increasingly competitive landscape.

chart showing shipping revenue per ton of cargo

Narvi Payments in Action: Streamlined Solutions for a Growing Logistics Company

The Challenge:When a mid-sized logistics company faced delays and high fees when managing cross-border supplier payments, they turned to Narvi Payments. Their traditional banking partner required lengthy onboarding for new accounts, and payment processing times often exceeded a week, resulting in strained supplier relationships and operational bottlenecks. Additionally, as a borderless business with directors based abroad, they encountered restrictions from traditional banks, which limited their access to essential financial services like multi-currency accounts and payment cards.The Narvi Solution:By switching to Narvi Payments, the company completed onboarding in under 10 minutes and, after the approval from Narvi’s compliance team arrived, gained access to multi-currency accounts with localized payment methods. Furthermore, they developed customized APIs which they integrated into their financial systems, automating supplier payments across 10 countries. Lastly they eliminated long-standing processing delays by leveraging instant SEPA transfers and global SWIFT.The Result:

Payment processing times dropped by nearly 85%, from an average of 7 days to just 24 hours.
Supplier satisfaction improved, resulting in a substantial increase in vendor discounts.
By eliminating the barriers imposed by traditional banks and reducing transaction fees, the company reinvested savings into technology upgrades, further enabling its growth in the global market.

finance stats of shipping industry companies

What trends and challenges in logistics payments is Narvi positioning itself to tackle in the next 5–10 years?Traditional banks are suspicious of the shipping industry. Rather than investigating and designing better processes, they often prefer to let go of the client because they find compliance costs too high. This creates a need for solutions that are faster and more flexible. We are focused on being like a super app for business banking, allowing companies to collect funds in different currencies and methods and send funds globally via cards, local payments, or SWIFT transactions.

Neil Ambikar, Co-Founder and CFO of Narvi Payments

Future Innovations and Narvi’s Commitment to the Industry

At Narvi, we are continually evolving. Two of our upcoming features, payment cards and expanded multi-currency accounts, can solve logistics-specific problems. For example, payment cards will allow logistics companies to pay vendors, have flexibility in managing day-to-day operational expenses, and reduce dependence on traditional slower methods. Expanded multi-currency accounts will simplify transactions across multiple regions, reduce currency conversion fees, and allow businesses to have liquidity in multiple markets without unnecessary delays or costs.Our long-term vision is big but focused on being a business super app. Narvi aims to increase operational efficiency and transparency by integrating banking tools, such as payment solutions, financial reporting, and compliance tracking, into one single platform. Consolidation eliminates the need for multiple systems and allows businesses to focus on growth rather than navigating complex financial workflows.Real-time customer feedback drives our innovation and ensures our platform stays ahead of industry needs so businesses can thrive in a connected global economy. With Narvi, businesses have a partner to create a seamless and efficient financial ecosystem supporting resilience and agility in the ever-changing logistics landscape.

Banking for a Modern Supply Chain

The global shipping and logistics industry is evolving at an unprecedented pace, and so are its financial demands. The industry needs collaborative financial solutions to address the most pressing challenges in logistics payments, from traditional banking inefficiencies to global transactions' complexities. By leveraging a fully digital platform, seamless global payment solutions, and personalized support, Narvi empowers businesses to operate with agility, efficiency, and resilience in an increasingly interconnected world.In a competitive landscape where the strength of supply chains determines success, Narvi bridges the gap between financial and operational excellence. We feel our mission to eliminate the inefficiencies of traditional banking and empower businesses to operate with greater agility, efficiency, and resilience in an increasingly interconnected world is precisely what global supply chains need. Contact us today to explore our solutions or to book a demo and join a growing network of global logistics leaders transforming their supply chains with Narvi Payments.

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Published March 14, 2025Author:

Michael Huff, MBA, is a seasoned supply chain leader and writer with expertise in logistics, operations, and emerging technologies. He specializes in crafting thought leadership content that helps businesses navigate complex supply chain challenges and drive innovation.

Narvi Payments Oy Ab is an Authorized Electronic Money Institution (EMI). Narvi’s EMI license is granted by the Finnish Financial Supervisory Authority (FIN FSA) with the registration number 3190214-6. Narvi’s license is Passportised to all European Union countries.

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