Raiffeisenbank was among the first on the Russian market to issue electronic guarantees in favour of government agencies. The first guarantees were issued for a member company of GK MEGAPOLIS in favour of the Federal Customs Service (FCS) based on the new technology of electronic exchange between banks and customs authorities1.
Electronic guarantee has a number of benefits and allows clients to save time on delivering the guarantee to customs authorities. In addition, the new guarantee issue technology makes the document turnover much simpler and allows to reduce the term for document execution from five days to one.
When providing a paper guarantee, a company involved in foreign trade had to visit the bank to obtain the original guarantee and deliver it to the customs authority along with a package of notarised documents (a copy of signature sample card, etc.).
«It took just several minutes to issue a guarantee based on electronic exchange with the FCS. The new guarantee issue technology is simple and convenient, and saves time both for the bank and the company. To make it even more convenient for clients, in May the bank plans to switch over to electronic guarantees only,» says Tatiana Ivashkova, Head of Raiffeisenbank’s Documentary Business and Trade Finance.
Kazbek Gutsaev, Head of AO GK Megapolis’ Treasury, commented that the company, being a long-time Raiffeisenbank’s client, had always striven to optimise document turnover and streamline interaction with partners and government agencies. The fact that the first electronic customs guarantee was requested from Raiffeisenbank by GK MEGAPOLIS, once again proves that GK MEGAPOLIS and Raiffeisenbank continue to hold leadership of the market and are open for new technological solutions and innovations.
Now, banks may both issue electronic guarantees requested by clients and receive waivers of guarantees from the FCS in case of early termination of a guarantee. The previous procedure for early termination of a guarantee was very labour consuming and took several days. The result was that clients had to pay banking commission for the period of mail delivery of the FCS’ waiver.
AO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank ranks 14th among the Russian banks in terms of assets, based on 2016 results (Interfax-CEA). According to the same Interfax-CEA data, AO Raiffeisenbank ranked 10th in terms of liabilities of individuals and 7th with regard to consumer lending.
Raiffeisen Bank International AG (RBI) regards both Austria, where it is a leading corporate and investment bank, as well as Central and Eastern Europe (CEE) as its home market. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 14 markets. In total, around 51,000 employees service 14.2 million customers through around 2,600 business outlets, the great majority of which are located in CEE. Raiffeisen Bank International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG (RZB). RZB indirectly owns around 60.7 per cent of the shares, the remainder is in free float. RBI’s shares are listed on the Vienna Stock Exchange. RZB is the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group, and serves as the group head office of the entire RZB Group, including RBI.
1 As required by the Bank of Russia’s Provisions No. 545-P of 27.05.2016.