Russia-based Sberbank has announced the implementation of a new feature on remote banking services on letters of credit in the bank’s Business Online system.

Senior Managing Director and Director of the Trade Finance Division of Sberbank Yevgeny Kravchenko said, “We aim at the 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.”

According to the bank, the new feature will allow clients to independently create online applications on letters of credit, send letters on current deals as well as submit applications on early payments.

The new structure is expected to replace the paper application one and will allow for the availability of the needed information on letters of credit in the clients’ personal accounts.

Recently, Russia’s Sberbank, Digital Horizon and Gazprombank announced that Sberbank along with the investment company, Digital Horizon, is all set to acquire 51% stake in the Russian biometrics technology provider, Speech Technology Center Group (STC).

by Megha Bhattacharya
Market Analyst at IBS Intelligence