Sberbank Announces Letter-of-Credit Business of Legal Entities for Online Availability

Russian banking group Sberbank announced last week it has implemented a feature on remote banking services on letters-of-credit in Sberbank Business Online’s system. The bank revealed:

“Clients can create applications on letters of credit online and independently send them to the bank to be processed. The whole document flow become electronic: clients can send letters on current deals, make changes, submit applications on early payments, as well as answer letters and requests from bank in one click.”

Sberbank also noted that all needed information on letters of credit is available in clients’ personal accounts in Sberbank Business Online are the terms and conditions of general agreements, correspondence with the bank on letters of credit in one window, application statuses, register of letters of credit and correspondence on them. Speaking about the implementation, Senior Managing Director and Director of the Trade Finance Division of Sberbank Yevgeny Kravchenko, added:

“We aim at fast introduction of products in remote channels and to reduce the paper document flow. Thanks to the new service, the electronic structured document replaces the paper application. Now clients can see all deals and be in correspondence with the bank in real time. All our clients, legal entities, will be able to form letters of credit online by the end of the year.”

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