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Tuesday, November 13, 2018

Alfa-Bank debuts new incoming payments identification service

Russia's Alfa-Bank has unveiled a new service that allows customers to more easily identify incoming payments by assigning a number to an unlimited amount of counterparties.

The bank had previously limited the number to 100,000.

Using the automatic identification, clients receive information from the bank on the payer and payment details in the form of a unique digital code convenient for further automatic processing.

"Each of our new developments or revision of a product is always focused on providing the most convenient and efficient processes for our clients," Sergey Nikolaev, the director of development of products for transactional business at Alfa-Bank, said. "Identification of incoming payments allows customers to reduce costs for the daily monitoring of operations in the cash flow to reduce the cost of doing accounting, save time before shipment (when working on a prepaid) or reduce receivables (when working on shipment), as well as improve the quality of management reporting sales."

Alfa-Bank, founded in 1990, is a universal bank offering a full range of banking transactions in the financial services market, including private and corporate clients, investment banking, leasing, trade and structured finance.

The bank serves approximately 103,500 corporate customers and 9.6 million individuals in Russia and abroad.