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Sberbank rolls out new features for customers opening escrow accounts

By Megha Bhattacharya

August 31, 2020

  • Russia
  • Sberbank
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Sberbank recently announced that individual customers can now open an escrow account and get a letter of credit via the Sberbank Online mobile app without going to the bank. Customers will need to have their escrow account agreement approved via Sberbank Online for your letter of credit to be generated automatically. A text message featuring a direct link to opening the line of credit via the app will be sent, who will then just need to specify the LOC value and approve the application with one click.

Sberbank will wire the funds from the LOC to the customer’s escrow account after registering the co-investment agreement with the Rosreestr state registration service.

Evgeny Kravchenko, Head of Trade Finance, Sberbank, said, “Customers have already appreciated the convenience of opening escrow accounts and letters of credit remotely, with payments made to the developer’s bank account. ”

“We keep working on settlement tools that ensure the security of transactions for both individuals and developers. Customers can now enjoy a new service: a developer just needs to create and sign an escrow account agreement with Sberbank Business Online or through SberAPI.Escrow, after which the shareholder can use the Sberbank Online mobile app to open an escrow account as well as a letter of credit with a further payment credited to the escrow account. As a result, the transaction takes place entirely online, saving time for customers. To access the functionality, a developer-only needs to inform the bank of the real estate items to which this settlement scheme will apply.”

Sberbank also announced a customised soft lending module for the Russian Ministry of Agriculture. KORUS Consulting CIS, a Sberbank ecosystem company, is expected to design customer scenarios and scenarios journey that’ll be at the core of the would-be system, with FORS being the general contractor of the Agriculture Ministry.

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