In under three weeks, we deployed a solution for paying wages to 4,000+ Russian and Ukrainian crew members.
Established in 1984, V.Ships is a global ship management company that offers technical services, risk management, procurement and financial services for the tanker, bulker, container, offshore and leisure sectors.
When the Russian-Ukraine war broke out and sanctions were levied, thousands of Russian and Ukrainian crew members faced a crisis. They couldn’t access their money, use bank cards or accept wages to their home bank.
Within three weeks, ShipMoney set up a complex account and sub-account structure with reporting for several hundred ships. In addition, we created multiple user admin roles, established tokenization credentials and trained shoreside staff in several countries.
ShipMoney issued more than 4,000 virtual debit cards to affected crew members around the world, which allowed V.Ships to meet March payroll on time. Soon after, we arranged for delivery of physical debit cards to each ship with Russian and Ukrainian crew members.
Crew members were relieved to receive their wages, access their assets and send money to family members while onboard. Card funding has increased more than 300% between March and April, and affected crew members quickly adapted to using ShipMoney cards to accept wages, pay bills and provide family members with access to cash. This relatively new effort continues to be adopted and expanded across the V.Ships fleet worldwide.