Next-generation payment solution playing critical role in protecting seafarers’ payments amidst market of increased sanctions and compliance

MarTrust, the leading global maritime payment solutions company and a subsidiary of Marcura, today announced that Anglo-Eastern, one of the world’s largest providers of ship management services, has chosen the MarTrust E-Wallet solution to manage its crew payments. The next-generation payment solution was recently launched in October 2021.

With increasing geopolitical uncertainty and risk, particularly for Ukrainian seafarers, Anglo-Eastern is now using the MarTrust E-Wallet and card to better protect their payments and comply with sanctions regulations.

Commenting on the development, Carsten Ostenfeldt, COO of Anglo-Eastern, said:

“We place the safety and well-being of our crew as our highest priority, and as a responsible ship manager, it is incumbent on us to ensure we ease the concerns our crew will have in relation to receiving payment. Transferring funds to seafarers’ accounts in Odesa or Kiev was, until recently, a formality. Clearly, the circumstances have dramatically changed, and it is critical that companies act swiftly to protect the interests of their seafarers.

“The MarTrust solution allows our seafarers to receive funds in an E-Wallet managed by an entity approved by, and operating under, the UK’s Financial Conduct Authority. This not only allows individual crew members to decide what portion, if any, they wish to repatriate; it also allows us, as a company, to be compliant with relevant trade and economic sanctions.

“Furthermore, we see the solution as a step in the right direction with regard to the digitalisation of our services, and one that involves less risk and cost compared to the more cash-based solutions that are typically seen across our industry.”

MarTrust’s E-Wallet and card optimises the payment process for ship owners and operators. This enables crews to receive funds quicker compared to traditional banking routes, and provides them with complete control of their funds and online purchases, with reduced risk and lower transaction costs.  They also have the ability to quickly transfer money to anyone at any time – in particular, sending much-needed financial support to their families.

Domenico Carlucci, CEO of MarTrust, added:

“We are pleased to be able to assist one of the world’s largest ship managers in aligning their crew payment system to a new world of sanctions and other restrictions. The MarTrust E-Wallet is designed purely for the maritime world and is backed by large international banks.”

The E-Wallet can be accessed safely and securely anywhere and at any time via a web portal or mobile app, and can be seamlessly integrated into existing systems. From there, funds can be easily and securely transferred directly to crew to pay whatever is required, be it salaries, bonuses, overtime or cash advances.

The E-Wallet and card also reduce the need for seafarers to manage or store significant amounts of cash, providing increased security. By using the free, pre-paid card, cash can be accessed at any Mastercard-supported ATM or bank teller around the world, and the card can be topped up in up to eight different currencies for increased flexibility.