First electronic bank guarantee issued by Raiffeisen Bank
20.04.2017
Digital guarantee technology brings up numerous advantages to customers saving time on delivery to customs authorities. It also facilitates the process of the workflow and allows to reduce processing period from five days up to one.
When providing a paper guarantee a representative of export-import company is obliged to receive the original document and then bring it to the customs authorities alongside with a package of notarized papers (copies of the bank’s list of authorized signatures and etc)
«It took us a few minutes to issue an electronic guarantee using the digital workflow technology. It is simple, smart and convenient to use, which saves time to banks as well as to companies. Raiffeisen Bank is planning to switch to digital customs guarantees starting from May», - says Tatiana Ivashkova, Executive Director, Head of Documentary Business and Trade Finance at Raiffeisen Bank.
Kazbek Gutsaev, Head of Treasury, MEGAPOLIS, noted that being a Raiffeisen Bank client for many years, his company has always been aiming at the workflow optimization and effective communication with partners as well as governmental agencies. The fact that the first electronic customs guarantee issued by Raiffeisen Bank by order of the MEGAPOLIS Group highlights the leading position of MEGAPOLIS Group and Raiffeisen Bank on the market. «We are always open to implementing new solutions and innovative products».
Nowadays, banks are enabled not only to issue digital guarantees by order of a client but also to get the Federal Customs Service’s release from liability under the bank guarantee in case of its early termination. In the past, the procedure for early termination of a guarantee was rather cumbersome and took up to a few days. As a result, the customer had to pay charges for the period of postal delivery of the letter from the FCS of Russia.
Source: Raiffeisen Bank, ICC Russia
ID: 6163
First electronic bank guarantee issued by Raiffeisen Bank
Raiffeisen Bank was among the first in Russia to issue digital bank guarantee in favor of the state bodies. The first guarantees were provided for one of the MEGAPOLIS group companies in favor of the Federal Customs Service (FCS) using a new technology of the digital workflow between banks and customs services.Digital guarantee technology brings up numerous advantages to customers saving time on delivery to customs authorities. It also facilitates the process of the workflow and allows to reduce processing period from five days up to one.
When providing a paper guarantee a representative of export-import company is obliged to receive the original document and then bring it to the customs authorities alongside with a package of notarized papers (copies of the bank’s list of authorized signatures and etc)
«It took us a few minutes to issue an electronic guarantee using the digital workflow technology. It is simple, smart and convenient to use, which saves time to banks as well as to companies. Raiffeisen Bank is planning to switch to digital customs guarantees starting from May», - says Tatiana Ivashkova, Executive Director, Head of Documentary Business and Trade Finance at Raiffeisen Bank.
Kazbek Gutsaev, Head of Treasury, MEGAPOLIS, noted that being a Raiffeisen Bank client for many years, his company has always been aiming at the workflow optimization and effective communication with partners as well as governmental agencies. The fact that the first electronic customs guarantee issued by Raiffeisen Bank by order of the MEGAPOLIS Group highlights the leading position of MEGAPOLIS Group and Raiffeisen Bank on the market. «We are always open to implementing new solutions and innovative products».
Nowadays, banks are enabled not only to issue digital guarantees by order of a client but also to get the Federal Customs Service’s release from liability under the bank guarantee in case of its early termination. In the past, the procedure for early termination of a guarantee was rather cumbersome and took up to a few days. As a result, the customer had to pay charges for the period of postal delivery of the letter from the FCS of Russia.
Source: Raiffeisen Bank, ICC Russia
ID: 6163