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New Sberbank service protects against non-fulfillment of obligations

Sberbank has announced a new service for corporate clients that will guarantee the fulfillment of a supplier’s obligations or give a full refund. The service also works in the other direction, guaranteeing suppliers a full payment for delivered products/services. The so-called ‘Safe Transaction’ service is integrated with Sberbank Business Online Internet Bank and is essentially an escrow transaction service for corporate internet banking. If there is a disagreement between the parties regarding the fulfillment of agreed upon products/services, Sberbank’s service team initiates an arbitration review and makes a decision in favor of one party of the other.

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