ShipMoney extends agreement with Helikon Shipping

Written by Marine Log Staff
ShipMoney founder and president Stuart Ostrow

Maritime payment solution provider ShipMoney has extended its Maritime Payment Services Agreement with Helikon Shipping into a long-term multi-year relationship.

ShipMoney has been utilized by Helikon to pay wages to crew members onboard under its agency for the last several years and decided to extend the relationship given the success of the program and the upcoming expansion of the Helikon fleet.

“The ShipMoney Program is very well received by our crew members, providing them with a range of remittance options while onboard saving them time and money while in port,” said Helikon managing director Michael Papaioannou. “For our company, the program has streamlined our onboard crew payment process, reduced our costs and providing a new benefit to our valued crewmembers and their families. We are pleased to work with ShipMoney on an exclusive basis for our onboard crew payments.”

Stuart Ostrow, President of ShipMoney, said: “It’s been such a pleasure working with Michael and his team at Helikon. We are excited to extend our relationship with the company. We are looking forward to introducing some new and innovative services to their crew in the near future”

ShipMoney says that its system offers crew complete control and access to their wages while onboard ship, including the timing and currency of remittances sent home. It reduces the need for large amounts of cash to be delivered to ships and eliminates the need for Helikon to administer individual crew wire payments sent to home bank accounts.

Founder Stuart Ostrow was directly responsible for, and instrumental, in the initial development and adoption of the prepaid payment programs for the cruise line industry. ShipMoney is the second generation of this endeavor.

ShipMoney is an operating subsidiary of Global Technology Partners, LLC. GTP is one of the largest international prepaid payment processors in the world providing services and programs in over 30 countries in partnership with over seventy banks.

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