Home CSN news Banking payment platform provides financial security for seafarers

Banking payment platform provides financial security for seafarers

An innovative touch-free payment platform for the maritime industry has been launched by Secure Seas.

Secure Seas’ electronic payment platform provides financial security to seafarers by transferring their pay electronically, removing the antiquated and problematic system of cash distribution in US dollars. This provides seafarers with basic facilities the rest of us take for granted: full access to their funds in their preferred currency, use of an International, non-jurisdictional bank account and debit card to withdraw cash or transfer funds home, and the ability to transfer payments via PC or smartphone.

“Although the Secure Seas platform has been designed with the welfare and human rights of the seafarer at its heart, it also provides significant benefits for employers” says director Warwick Norman. “The simplified, streamlined payroll process means there is no need for excess levels of cash onboard or foreign currency accounts – and so it also reduces the risk of piracy and corruption. The ability for contactless payment is also particularly relevant with the current pandemic: it unfortunately remains the case that seafarers are not allowed off ships in most ports.”

Seafarers themselves have proven the popularity of the system by being the most enthusiastic early adopters, signing up directly via the Secure Seas website.

Secure Seas also encourages ship owners and crew managers to investigate this payment platform, which – aside from the humanitarian benefits it provides seafarers – is a cost-effective payroll process that integrates easily with existing systems, improving the transparency and financial management of vessel operations.

“There are substantial benefits for ship management companies to have off-shore banking facilities in a secure and regulated jurisdiction” says Secure Seas CEO James McCully. “The significant fee reduction for pay dissemination alone makes a compelling business case for the use of the Secure Seas payments platform. However, in the end, it is the human element that drives our business. A significant proportion of our profits will be reinvested in seafarer centres to help them provide the much-needed support for seafarers.”

Secure-Seas has appointed Cyprus based Evrostia Financial Services for representation in Greece and Cyprus. Evrostia’s Chairman, Andreas Grammatikos, has significant experience in the development and administration of insurance, banking and bancassurance products and services.