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ShipServ signs MarTrust to simplify and make payments less costly

SHIPSERV, the marine industry's biggest procurement platform, has signed with Marcura Group's MarTrust, a global maritime payments provider, reports London's Tanker Operator.

The aim of the agreement is to make it easier for ship operators and managers to vet suppliers and make international payments, said the report.

ShipServ customers can now access independent compliance checks, bank account vetting and validation, as well as process payments for the benefit of the 65,000 suppliers trading on its platform.

These due diligence and compliance checks are critical to processing the payments in accordance with increasingly complex financial regulations.

Combining MarTrust's and ShipServ's expertise will help shipping companies to avoid often lengthy due diligence enquiries from their banks that often cause delays or complications in the cross-border payment process and also increase accounts department costs.

Said ShipServ COO Kim Skaarup: "ShipServ is confident the required operational and financial due diligence checks are undertaken by trusted, independent maritime specialists who understand the pressures and their need to make efficient transactions worldwide."

Said MarTrust managing director Domenico Carlucci: "Banks often do not have an understanding of the maritime industry, or access to the relevant information to complete compliance checks quickly. This can be costly for ship operators, who need to move quickly to take suitable offers from suppliers."

More than 200 shipowners and ship managers use ShipServ to procure stores and spares. All suppliers can use the platform free-of-charge, thereby providing a competitive marketplace for a wide range of relevant maritime goods and services, the company claimed.

MarTrust is part of The Marcura Group of maritime companies, which includes DA-Desk, PortPoint, PortsDirect, CP-Desk, PortLog and MarDocs. The Group employs 600 worldwide.