Can you give us an overview of what cash-free yachting means?
I founded Bankable to displace paper-based payments by providing real-time, cross-border digital payment solutions. We propose prepaid debit cards fitted with Bankable’s proprietary card management system. The platform enables captains, crews, yacht managers and charterers to manage yachting cashflows and expenses from payroll, food, fuel, advance provisioning allowance (APA) and petty cash.
Why would industry members want to reduce cash usage on yachts?
It’s a corporate nightmare to manage cash in any organisation. Going cash-free reduces risks associated with carrying large amounts of cash onboard and offers greater visibility and control of transactions. Yacht managers and charterers also benefit from real-time reporting and transaction notification enabling quick reconciliation. Furthermore, cash is strictly monitored with limits set by authorities as part of anti-money laundering efforts.
How does Bankable implement cash-free yachting?
Once we partner with a client, we configure our platform to their needs. Virtual wallets for each yacht are created and non-branded Bankable cards are issued within two to three weeks, or branded cards in six to eight weeks. The card administrators add funds to their virtual account, and when needed or prompted by the cardholders the administrators load the cards with the necessary funds in real-time. At the end of a charter, the unused funds are unloaded from the cards in real-time, and funds are transferred thereafter to external accounts.
Can you tell us how the implementation of cash-free yachting was a success with Royale Oceanic?
Royale Oceanic wanted to eliminate cash on yachts to have greater transparency on expenses. Our cards and cards management platform allowed them to use Bankable’s entity functionality to segregate accounts and cards for each yacht and handle last-minute requests from guests, whilst providing a centralized view for the yacht accountants. The crew now has full control of their cards, and management can extract reporting in real-time.