Sberbank has announced it has implemented a feature offering remote banking services for letters of credit (LCs) in its Business Online’s system. The service is already used by more than 600 legal entities.

Clients can create applications for LCs online and independently send them to the bank to be processed. The whole document flow is now digitised, with the bank's clients able to send letters on current deals, make changes, submit applications on early payments, as well as answer letters and requests from bank in one click.

All the information on LCs is available in clients’ personal accounts in Sberbank Business Online. This includes the terms and conditions of general agreements, correspondence with the bank on LCs in one window, the status of applications, how to register of LCs, and correspondence.

Commenting on the announcement, senior managing director and director of Sberbank's Trade Finance Division, Yevgeny Kravchenko, said: “We aim at fast introduction of products in remote channels and to reduce the paper document flow. Thanks to the new service, the electronic structured document replaces the paper application. Now clients can see all deals and be in correspondence with the bank in real time. All our clients, legal entities, will be able to form letters of credit online by the end of the year.”