OREANDA-NEWS. July 02, 2010. A delegation from Deutsche Bank AG, Germany, has presented to Sberbank, a new Award for USD Straight-Through Processing Excellence in 2009 and a new Award for EUR Straight-Through Processing Excellence in 2009, reported the press-centre of Sberbank.                    

The Deutsche Bank awards are based on the number of USD and EUR payments which Deutsche Bank’s correspondents international correspondents channel through their correspondent banks over the year in a straight-through processing (STP) mode, i.e. without manual interference.

Straight-through processing is the fastest, the most efficient and the most cost-effective way of processing and delivering payments, which helps to minimise financial, labour and time expenditures and to meet customer demands to the fullest extent. To be successful in straight-through processing, the remitting bank has to meet multiple technological requirements in formatting and structuring payment documents.

In 2009, STP payments on Sberbank’s USD account with Deutsche Bank Trust Company Americas (USA) and EUR account with Deutsche Bank AG (Germany) amounted to 99.7% and 97.3% respectively – which is one of the best results amongst all of Deutsche Bank’s correspondent banks not only in Russia but the world over.

These figures are illustrative of the high degree of automation in payments processing at Sberbank and of the absolute compliance of its inhouse reconciliation system to the international requirements and standards, a fact acknowledged not only by Deutsche Bank but by many other banks that maintain foreign-currency-denominated correspondent accounts for Sberbank.

In the past, Sberbank received a number of Deutsche Bank awards for excellence in USD and EUR payment processing.