Sberbank announces launch of global trade finance platform 

Sberbank has announced the launch of its global trade finance platform, which has been developed by the Bank. The platform is aimed at all the segments of the Bank’s corporate business – from major to small enterprises.

The platform is being created as part of the programme to automate of all the Bank’s internal processes involving trade finance and documentary operations products, as well as to enable the provision of services through remote access channels. The global trade finance platform development programme is being carried out on the basis of and in cooperation with the main strategic platforms of the Bank – the Platform of Business Development Support and the Single Frontal System.

The platform will allow clients to conduct most operations online and to instantly receive complete information about the conducted transactions. From the perspective of the internal needs of the Bank, it will lead to the unification and standardization of processes, as well as the reduction of product support costs.

This September, the first release of the system that automates the internal record keeping of certain trade finance operations was put into commercial operation. According to projections, clients will be able to start using remote services as early as summer 2017 – for instance, requests of corporate clients related to letters of credit and other products will be accepted and processed remotely, and information about transactions will also be provided to clients in the remote mode in a timely manner.

Andrei Ivanov, Senior Managing Director, Head of the Trade Finance and Correspondence Relations Division at Sberbank CIB, said: “As a business, we demand a lot from the platform in terms of its flexibility, scalability, speed, security and resilience, as well as convenience and simplicity of the interface for internal and external clients. We believe our task is to raise the quality of trade finance services provided to clients and increase the speed of launching new products to the market.”

Source: Sberbank

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