Net Ship Management, a manning agency based in the Philippines, provides services to nine European principals, managing a complex range of financial transactions for Filipino seafarers. These transactions include the settlement of cash advances onboard, allotments, net wages, and final wage balances. Given the frequency and complexity of these settlements, coupled with the high costs of cross-border transfers to various beneficiary bank accounts and delivering Cash-to-Master (CTM) onboard, Net Ship faced significant logistical and financial challenges. The need to find a more cost-effective and efficient solution became imperative to improve operational efficiency and reduce financial strain.

In response to these challenges, Net Ship adopted the ShipMoney Card Program, a strategic initiative designed to streamline the CTM and marine payroll processes. This program facilitated a shift from traditional cash handling to digital transactions, allowing for the direct remittance of crew cash advances from the Accounts Team to the crew cards. The implementation of this digital solution provided a more structured and efficient method for managing payroll and CTM deliveries, enhancing the transparency and real-time accounting of crew costs.

The introduction of the ShipMoney Card Program proved highly beneficial for both Net Ship Management and the Filipino seafarers. By reducing the frequency and associated costs of CTM deliveries, the program allowed for significant savings on bank charges and eliminated return fees. Seafarers received their wages in full value and on time, greatly improving their financial security and satisfaction. 

Additionally, the seafarers gained full control over managing their remittances, enabling them to support their families back home more effectively and securely. Encouraged by these positive outcomes, Net Ship is planning to extend the ShipMoney program to all their principals, further standardizing payroll processes and enhancing financial management across their operations. This strategic adoption underscores Net Ship’s commitment to leveraging innovative financial solutions to meet the unique needs of its workforce and principals in the maritime industry.