OREANDA-NEWS. June 10, 2010. PrivatBank is introducing a novel and unique financial service- an instant debt clearing for legal persons. For the first time in domestic and, presumably, in global banking practice, both large companies and small businesses could preceed offsetting of their debts online via InternetBank Privat24. The crucial point is that the clearing procedure can be performed without:

- receiving credit

- distraction of client’s funds

- client’s visiting a bank.

 “Certainly, many companies face situations where they need to offset mutual debts with their partners or suppliers” – says Alexander Dubilet, the PrivatBank Board of Directors’ Chairman - “Previously such operations were accompanied by a set of difficulties – ranging from necessity to obtain additional funds up to days-long freezing of money on payments to different banks. Henceforth, we offer the really unique online technology that allows our clients to make clearing without leaving their offices”.

Companies do not even need their own money for clearing since all payments are carried by the bank without any commissions. The only indispensable condition for successful accomplishment of a clearing transaction is that all participants of it should be registered in Privat24 InternetBank system.

The clearing procedure in Privat24 is very simple. An initiator of the operation forms a clearing transaction by himself through the menu "Payments - Clearing - Create" and states the clearing sum, the date of the set off and the deadline date of confirmations by other participants. Then the clearing payments' row needs to be formed, it could include up to 30 participants. The company-initiator should be specified as a payer in the first payment and as a recipient in the last.

Then each participant in the clearing row confirms the transaction in Privat24 and confirms performance of his in- and outgoing payments. The bank, for it's part, checks the clearing row (upon absence of accounts' arrests and correctness of payments' purposes) and provides the clearing on the date stated by the initiator.

 “The service is easy-to-use and quite safe – every clearing participant confirms only his in- and outgoing payments,” – noticed Alexander Vityaz, the PrivatBank’ Deputy Chairman. – “All payments in this clearing chain will be made in turn by the bank within few seconds”.