Russia's Alfa-Bank recently announced that its corporate customers will be able to receive daily online account statements in the МТ940 format through SWIFT.

The use of the new service in SWIFT communications through Alfa-Bank's internet banking does not require any additional equipment and is free of charge. Customers just have to  sign an additional agreement for the service with the bank.

"By developing SWIFT technologies Alfa-Bank is becoming a partner for the customer’s business helping it to save one of the most valuable modern resources — time. Initiatives of such kind pay a good repute to the credit institution whose transaction business products for legal entities are in line with the highest market standards supporting businesses of all scales," Sergey Nikolaev, the banking products development director at Alfa-Bank’s transaction business, said.

Founded in 1990, Alfa-Bank is a universal bank offering private and corporate customer services, investment banking, leasing, commercial and structured financing. It is the largest private bank in Russia by total assets, total equity, customer accounts and loan portfolio. As of July 1, Alfa-Bank had approximately 103,500 corporate customers and 9.6 million private customers.