Stripe now simplifies the supply chain for Maersk

The global logistics giant is using new technology to make it easy to ship goods around the world

Maersk’s iconic freight containers are a well-known sight all over the world, stacked on top of cargo ships, stacked high in ports and towed as they end their journey from one end of the supply chain to the other.

Maersk itself has also undergone a journey.

The logistics giant was founded in Svendborg, Denmark in 1905 by sea captain Peter Mærsk Møller, and grew during the 20th century to become one of the most valuable listed companies in the world. Today, its large logistics network spans 130 countries.

Maersk has continued to be successful because it has found out how to change. The modern world does not look like it did when Maersk began its journey, and the logistics industry has generally been slow to adapt. But at a time when many logistics players are still working on paper, communicating via fax and making cash transactions, Maersk has modernized its financial infrastructure, among other things with the help of Stripe.

The maritime boom

Every day, 85 million packages and documents are delivered globally, and 80 percent of the total trading volume takes place at sea. Faced with such a large (and increasing) workload, two-thirds of logistics companies still believe they need to change their operations to keep up. But Maersk realized early on the need to renew its infrastructure.

– We started this journey a few years ago because we knew it was the future and we wanted to modernize and service our customers better. We should make it easy for people to send and track their orders from one end of the world to the other at the touch of a button, says Navneet Kapoor, Head of Technology and Information at Maersk.

As part of its modernization strategy, Maersk had to find the right partner for a critical part of its business: international payments. The company’s global activities are complex in nature with banking requirements, currencies and preferred payment methods, all of which vary from region to region. A complete solution would not work, which was the reason why Maersk turned to Stripe.

– We knew that customers wanted to work with us. We also knew when and where they would work with us. Creating a payment system that enabled this flexibility was an important piece of the puzzle. We discovered that Stripe had the right modern infrastructure and was the right global partner to help us get there, says the Kapoor name.

A reliable partner

Prior to Maersk’s cooperation with Stripe, Maersk’s payment operations were fragmented across several suppliers: one for tokenisation, another for payment management and a third for security clearance management. That juggling multiple solutions that were not always compatible introduced unnecessary friction in an already complicated environment.

With Stripe, Maersk combined these different systems into a single, flexible payment portal. Maersk customers can now pay smoothly via an intuitive instrument panel that supports payment methods that Maersk could not previously accept, such as credit cards. The portal also adapts to regional banking requirements and offers international customers more local sales experiences.

– Local prioritization is crucial to meet the needs of our customers. From the beginning, and in incredibly important times, Stripe has supported us to ensure that our infrastructure works smoothly in multiple markets. This approach will only become more important as we continue to expand and consolidate our position as a global leader in logistics, says Navneet Kapoor.

Source: IT-Kanalen by

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