Anglo-Eastern has adopted MarTrust’s E-Wallet and card, launched in October 2021, to protect their payments and comply with sanctions regulations.
arTrust’s E-Wallet and card aims to optimise the payment process for ship owners and operators. This enables crews to receive funds quicker compared to traditional banking routes, and provides them with better control of their funds and online purchases, with reduced risk and lower transaction costs.
They can also quickly transfer money to anyone at any time. The E-Wallet can be anywhere and at any time via a web portal or mobile app, and can be integrated into existing systems. From there, funds can be easily and securely transferred directly to crew to pay whatever is required.
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.
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
As Mr. Ostenfeldt said, the MarTrust solution allows seafarers to receive funds in an E-Wallet managed by an entity approved by, and operating under, the UK’s Financial Conduct Authority. This allows individual crew members to decide what portion they wish to repatriate, and also allows the company to be compliant with relevant trade and economic sanctions.