New Maritime Payroll System Reduces Cash on Board Risk

Date: November 26, 2008

London, UK – If the global financial pressure on the Maritime industry to reduce costs wasn’t enough, increased threats from piracy and insurance premiums have appeared on the horizon in recent weeks. But cash heavy crew wallets are also vulnerable at sea and ashore. Travelex, the leading foreign exchange and international payments company estimates that millions of US Dollars and other currencies are afloat on the oceans at any one time, to cover crew’s in port spending money and a ship’s provision purchases.

Travelex research estimates that the monthly wage bill for an average vessel is US$45,000 and, although 80% of this will be allotted to domestic bank accounts, millions of currency banknotes remain at sea. Though cash is an essential part of operating a ship, Travelex has worked with shipping management companies to develop a new payroll system specifically designed for the Maritime industry and its financial requirements that reduces the amount of cash held on board.

The Maritime Cash Passport payroll solution uses a prepaid Visa card to give ships’ Pursers the ability to distribute salary payments to seafarers electronically, on to a prepaid card or directly to an allotted bank account rather than by handing out cash.

Jonathan Bennett, Head of Corporate, Travelex commented: “We have worked hard to develop a solution that is tailored to the Maritime industry helping them to reduce the risks and costs associated with crew and supplier payments made during a voyage. The Maritime Cash Passport solution reduces the need for ships to carry large sums of cash, while at the same time increasing payment efficiency and benefits to crew.”

Seafarers benefit from added security and convenience with ATM withdrawals of local currency requiring a PIN, while improved exchange rates help their salaries to go further. Travelex also offer the option of having an additional card for partners and families back home and can send funds home to a designated bank account in a simple and secure way.

-ENDS-

About Travelex

Travelex is the world's foreign exchange and international payments specialist. Operating through subsidiaries and branches in five regions: the Americas, United Kingdom; Europe, Middle East and Africa; and Asia Pacific.

Travelex work with thousands of businesses to support their employees and customers as they travel around the globe. We’re also the worlds’ largest distributor of prepaid currency cards, just one of our Business Travel Money services that make doing business abroad so much easier. We offer 24/7 Global Emergency Assistance with emergency cash replacement and competitive rates of exchange.

www.travelex.com/outsourcing | www.cashpassport.com/corporate/uk

For any further press information please contact:

James Baggott
UK Corporate Marketing Manager
Travelex Outsourcing
0208 415 4334 - 07909 893054
james.baggott@travelex.com