In today's fast-paced digital world, traditional private banking is being reshaped to cater to the expectations of a new generation of ultra-high-net-worth individuals (UHNWI). Established in 2018 and regulated by the Financial Conduct Authority (FCA) in 2020, Privat 3 Money (P3) offers clients a more modern approach to financial services, providing a digital platform that places control in the palm of your hands. Its latest product, P3 Marine, offers a comprehensive financial and payment solution designed specifically for the yachting industry that can be used by owners, crew, family offices, yacht management firms and brokerage houses. As P3 gains attention across the industry, BOAT takes a closer look…
Tailored to the superyacht industry
Recognising the growing demand within the yachting sector, P3 Marine was developed to streamline superyacht financial management. It caters to the needs of various stakeholders in the industry, offering solutions designed to enhance efficiency and optimise operations.
For yacht owners, P3 Marine provides tools to track costs and improve the overall financial management of their assets. The platform offers visual expense management, bespoke multi-currency accounts and international payment capabilities, making it easy to manage financial transactions to and from anywhere in the world.
Often tasked with managing multiple yachts, family offices benefit from the platform's ability to centralise expense tracking and optimise financial performance. With an all-encompassing account overview, treasury management features and real-time reporting, P3 Marine simplifies complex financial management for these entities and adds a layer of transparency.
As a yacht manager, you can gain access to centralised financial data and automated administrative tools that offer insights into a yacht’s activities. Its in-depth expense management, comprehensive asset reporting and interactive portfolio views can improve efficiency, reduce costs and enhance operational oversight within management companies.
For those handling yacht sales or charters, P3 Marine enhances business operations and profitability while allowing brokers to deliver exceptional service. The platform supports the management of charter accounts, streamlining reporting to both owners and clients and providing a robust payment infrastructure tailored to the yacht brokerage environment.
Security is a top priority, and P3 Marine operates on a secure, cloud-based banking platform. It integrates advanced protection features such as facial recognition, electronic ID verification, and AI-powered technology to protect against money laundering and fraud.
Using P3 Marine
The P3 Marine platform offers a smooth experience with its user-friendly programme interface. Clients can access real-time data analysis and insights through its intuitive dashboard with customisable reports. The platform is web-based with the option to use it on mobile and iPad, offering enhanced visibility and convenience for users on the go.
Payment account management is a key feature of P3 Marine, providing independent control over primary and sub-accounts and allowing users to maintain comprehensive financial oversight. Transactions through ACH, SWIFT, Faster Payment, SEPA and SEPA instant payment networks can be done in just a click, whether it's making domestic payments or handling complex cross-border transactions.
In addition to payment management, P3 Marine also offers virtual and physical pre-paid and debit cards that can be customised to suit the needs of its users. Cards can be issued for any crew member or individual associated with the yacht with bespoke limits for an easy and secure way to manage expenses. Owners and captains can use premium metal cards for secure, high-limit transactions designed to handle all onboard and onshore expenses efficiently. Clients can also customise card designs, adding logos or personalised touches for all users of the platform.
Beyond financial services, the platform delivers additional value through Mastercard Elite Concierge, a 24/7 personal assistant service that helps clients manage their time more effectively.
How it all began
Reda Bedjaoui, a yachting enthusiast and former lawyer, founded P3 after identifying a gap in modern financial solutions and recognising the unique needs of the superyacht industry. As the brand's first ambassador and a testament to its usability, Bedjaoui personally uses all of P3’s products. Designed with user convenience in mind, P3 offers an all-in-one financial platform, covering everything from multi-currency management and payments to foreign exchange, debit card services and trading through its subsidiary, P3 Wealth.
The platform is built to evolve with its clients' demands. Through partnerships with industry pioneers and leading experts, P3 consistently introduces new features, staying agile to adapt to the ever-changing needs of its users. With over £8 billion in transactions processed since its launch, P3 has become an indispensable tool for UHNWI worldwide, empowering their fast-paced lifestyles and eliminating financial friction.
To find out more about P3 Marine or how to get set up, check out the Privat 3 Money website or contact the team to arrange a meeting at the Monaco Yacht Show 2024.
Sponsored content created for Privat 3 Money