Sberbank, Yandex launch instantaneous B2B payment platform

Small- and medium-sized businesses will soon be given the opportunity to quickly execute payments via a new business-to-business (B2B) payment platform launched by Sberbank and Yandex. Traditionally, B2B payments need to go through more stages than do payments from private individuals. This process can last 1-3 days. The new platform, however, speeds this process up to near instantaneous by accepting online payments prior to actual fund transfers being executed, essentially making the platform a guarantor for payments.

It should be noted that the new service will not be made available to everyone as only companies with a current Sberbank account can use it. Moreover, some vendors are reluctant to work with the program, especially those not wanting to learn and deal with cashless payments as well as those preferring to purchase goods “in the black”.