The volume of the domestic trade finance business of the Sberbank Group at the end of 2021 exceeded 3.2 trillion rubles. This is 60% more than last year, according to the press service of the bank.
“The volume of transactions with domestic Russian letters of credit of legal entities has grown by 70% compared to last year's figure. Corporate clients carry out letters of credit electronically through their personal account in the SberBusiness Internet bank. Full support of transactions is organized for clients using various communication channels, including through a new video services channel for the bank, ”the message says.
The bank also managed to fully automate the process of opening letters of credit online. This became possible thanks to the introduction of a new food factory under domestic letters of credit of legal entities allowed. Unique box-based solutions allow issuing certain types of letters of credit completely online in a few seconds, during the current year their number has grown 2.5 times
“Sberbank is changing rapidly and the trade finance business is a prime example of this. The digital platform and artificial intelligence allow us to offer our customers solutions that are maximally adapted to their needs. All letters of credit and escrow are opened online through a personal account in the SberBusiness Internet bank or in the SberBank Online mobile application. We support the business of clients all over the world and see a huge potential for using trade finance instruments in various areas of our clients' activities, ”said Alexander Vedyakhin, First Deputy Chairman of the Management Board of Sberbank.
With the support of the professional banking and business community, Sberbank is promoting the initiative to use letters of credit and escrow accounts in public procurement. The proposed solution will minimize the problem of late payments in public procurement and provide additional funding to participants.
In addition, letters of credit from individuals were also actively developed in 2021. The service for remote opening of such letters of credit is available in the mobile application for both the payer and the recipient of the letter of credit. The number of transactions increased by more than 40%.
Sber also strengthened its leading position in the Russian market for escrow accounts used in transactions with residential real estate. The balance on escrow accounts exceeds RUB 1.5 trillion. Since the beginning of 2021, more than 300 thousand customers have bought apartments using this mechanism at Sberbank, securing the transaction.
One of the main priorities in the bank's work is the development of digital services and the introduction of artificial intelligence. The sale of letters of credit is carried out using the AI-model, which was recognized by Global Finance magazine as the world's best AI-solution for trade finance.
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