Centtrip – multi-currency cards, payments and expense for superyachts

ONBOARD talks with Centtrip’s Director of Marine and Aviation, Edward Majdalany, about multi-currency cards, payments and expenses.

Hi Edward, how does Centtrip support superyacht operations?
Successful yacht operations are all about excellent, responsive, seamless service. That’s true whether the boat is carrying the owner’s family or a charter client. Centtrip supports service excellence. Our high-limit, multi-currency, prepaid Mastercard empowers captains and crew to respond instantly to requests, opportunities or challenges while the Centtrip platform gives management companies, operators and the back office real-time visibility and control over everything that goes on.

Is Centtrip more than a Mastercard?
Yes, very much so. The Centtrip platform provides a multi-currency account that enables clients to deposit, exchange, send and spend their funds. It provides real-time, anytime visibility, reporting and control over multi-currency deposits, international and domestic payments, foreign exchange and multi-currency payment cards. Many clients use Centtrip as an operational account from which to pay supplier invoices and payroll as well loading their Centtrip cards. They value the simplicity and flexibility of having all their payments in one place.

Can you tell us about the Centtrip expense management app?

The award-winning Centtrip app lets cardholders manage their expenses on the move. It gives them a real-time view of their spending and enables them to capture (with the phone’s camera) and tag receipts at the point of purchase, so nothing gets lost or forgotten. With added expense management functionality, yacht managers can map expense codes back to their chart of accounts and import transaction data using Centtrip’s API. That removes time-consuming expense claims and streamlines production of yachts’ management accounts.

Managers and admins can control multiple accounts and cards from a single, any-device interface. They can also set real-time transaction and balance alerts, instantly transfer funds to and from cards, and lock or unlock mislaid cards.

How can Centtrip support APAs for fast-moving charter operations?
Many of our yachts operate several separate accounts. They might have an account and cards for the yacht’s operational costs, then two (or more) charter accounts per yacht. That makes it easy to generate charter client reports and means the charter team can finalise accounts for the previous booking while the APA for the next charter is loaded onto the other account. Captains and crew simply swap from using their Charter A account and cards to the Charter B account so they can continue to operate seamlessly on behalf of their guests.

Does that mean that cash is dead?
Well, the world is increasingly cash-free, but you still need cash sometimes. Maybe the chef needs to buy supplies from the local market, somewhere. With the Centtrip Mastercard, cardholders can withdraw up to €4,500 per day in local currency at 2.1 million ATMs worldwide. Importantly, the management company or back office can monitor, limit and control cash withdrawals in real-time. Again, people are empowered to act quickly, but everything is accounted for.

Can Centtrip support complex international ownership structures?
Yes. Our mission is to seamlessly connect the world’s most glamorous money for the most dynamic customers. We specialise in the needs of internationally mobile organisations and assets. That means we can support multiple separate or connected accounts for a wide range of complex scenarios. Yachts can have separate operational and charter accounts; management companies can have separate accounts for every vessel they operate, including accounts for independent yacht-owning companies. Family offices can have accounts for different assets such as real estate, yachts or aircraft.

From a security and legal standpoint, Centtrip safeguards client monies in separate accounts held with established financial institutions and wholly segregated from Centtrip’s own funds at all times.

About Centtrip
Centtrip supports over half of the world’s superyachts (vessels of 40m or longer) and counts many LYBRA, MYBA and IYBA members as clients. To find out how Centtrip can support your yacht operations, visit www.centtrip.com/marine or email us at [email protected]