MYS 19: Creating a Cashless Industry with Bankable
London-based payment solution company Bankable is making strides in the superyacht industry, reforming the way in which processes are run to bring in a new era of seamless automation. CEO Eric Mouilleron took to the Breaking News Centre during the Monaco Yacht Show 2019 to explain how his company is serving the industry.
Passionate about boats himself, Mouilleron is keen to help deliver the best of the best in terms of service for superyacht clients. Through reducing the reliance on cash on board yachts, Bankable is streamlining the management of a complex industry. “It is important,” explains Mouilleron, “because you have either some legal constraints and as well it is much better for transparency with the charterer or the owner to see exactly what is happening on the boat.”
This transparency of operation is achieved through Bankable’s platforms which provide real-time reporting and payment for those involving in running a yacht. With six year of involvement in the superyacht industry, Eric talks through some case studies of how Bankable has improved processes for clients, and he notes the importance of captains, who act almost as CFOs for their yachts.
On the future of financial management of yachts, Mouilleron believes that cash must be reduced but not altogether replaced, as there are some areas in which it is still needed. As a private company that benefits from the investment of high profile backers such as Visa, Bankable continues to develop new ways of reporting and automation to reach a cashless solution. Recent expansions are also helping to deliver this on an international scale. “We are opening New York and Dubai simultaneously, we are opening Sydney next year, so we are becoming a truly global company serving global clients.”
"We are becoming a truly global company serving global clients."