Maersk Turns to Stripe to Modernize Payments

Maersk, LF Logistics, acquisition

Maersk has chosen payments infrastructure firm Stripe to help “modernize its economic infrastructure,” the Danish shipping and logistics giant said in a news release Thursday (May 5).

“We started on this journey a few years back because we knew it was the future, and we wanted to modernize and serve our customers better,” said Navneet Kapoor, chief technology and information officer at Maersk. “We had to make it simple for people to ship and track their orders from one end of the world to the other with a click of a button.”

That modernization meant updating its international payments operation, an intricate web of banking requirements, currencies and payment methods that changed from region to region. Maersk said it turned to Stripe’s financial infrastructure platform because it knew it needed something beyond a one-size-fits-all solution.

Learn more: Stripe Launches Stripe Partner Ecosystem

Before their partnership, Maersk said its payments operations were spread across several providers who handled tokenization, payments processing and security authentication, adding unnecessary friction to an already complex situation.

Stripe let the company combine these elements into one portal that supports payment methods Maersk couldn’t accept before, such as credit cards, while also adapting to regional banking requirements, the release said.

“Local prioritization is essential to meeting our customers’ needs. From the start, and during incredibly pivotal points, Stripe has supported us to ensure our infrastructure works seamlessly across multiple markets,” said Kapoor.

Read more: Supply Chain Firm Moller-Maersk Completes Acquisition of Pilot Freight

Earlier this week, Maersk’s parent company A.P. Moller-Maersk announced it had completed its acquisition of supply chain provider Pilot Freight Services

Pilot Freight works with both international and domestic supplies, and Moller-Maersk said the acquisition will benefit customers by offering customized international, domestic, and cross-border logistics to its North American logistics capabilities for B2B and B2C models.

The acquisition also means new supply chain capabilities for the “big and bulky” sector, giving customers the option of white glove home delivery service