The Challenge
Royale Oceanic is a premier supplier of the highest quality services to the luxury yacht industry. It emphasises its focus and experience on the purity of being luxury yacht specialists, including to some of the largest private motor yachts in the world.
When superyachts are on charter, the crew needs to have access to a large amount of cash to buy provisions for the guests on board. It is inherently unsafe to carry cash in large volumes, there is no transparency with cash and no electronic reporting. At the end of a charter, any remaining cash needs to be given back to the client. Royale Oceanic wanted to eliminate cash on yachts, have greater visibility on transactions, and provide cardholders with their own expense reporting tool.
Bankable in Action
Bankable provided Royale Oceanic a branded prepaid card complemented with Bankable’s card management platform. The solution allows Royale Oceanic to use Bankable’s ‘Entities’ functionality to segregate accounts and cards for each Yacht while still being able to manage all their cards centrally. By prefunding their accounts on the platform, Royale Oceanic is able to make cash available to yacht crews instantly. With dedicated tools, the crew have full control in managing their cards and extracting reporting in real-time.
The Outcome
Royale Oceanic yachts are now cashless. The management team has full view and control of accounts and cards in real-time, and the crew find the solution simple and safe to use. The Royale Oceanic branded Bankable cards are now used on large motor yachts around the globe, including some of the largest private motor yachts in the world.
“After successful trials, Royale Oceanic chose Bankable's prepaid solution to manage its fleets. The cash management platform is very intuitive and user-friendly. It supports and facilitates the control of expenditure by the management team, and the reporting of expenditure by the crew. The cards offer a safe and simple alternative to the use of cash and credit cards. And, the cards are branded!” - Russ Campbell, Director and Company Secretary