OREANDA-NEWS. April 25, 2011. Sberbank of Russia was awarded by The Bank of New York Mellon, NY, USA for high quality formatting of US Dollar payments in 2010. The international Quality Recognition Award instituted by The Bank of New York Mellon, was presented by Mr. Sergei Kotov, US bank’s Managing Director and Regional Executive for Eastern Europe, reported the press-centre of Sberbank.

Sberbank has implemented a unique quality assurance system for formatting payment documents, which has allowed Sberbank to have over 98 p.c. of its US Dollar payments channelled through the correspondent account at The Bank of New York Mellon, be processed straight-through in 2010, whereas the average STP rate for other world banks was in a range between 85 and 90 p.c.

Sberbank firmly holds this level of STP for over five years in succession though the volume of US Dollar payment transactions, has increased dramatically over the period.

"It is a big challenge to reach such a brilliant result while the volume of business is increasing", – Mr. Kotov noted at the award ceremony. He pointed out that Sberbank’s overall success is obviously based on the stability and continuity of the personnel, comprehensive training and educational courses and programmes, and permanent attention to the clients’ needs.

"Although Sberbank is changing, becoming a global institution, our primary tasks remain unchanged: to achieve high quality and maintain the leadership", – Ms. Kanovich, Sberbank’s Senior Vice President, stated.

In previous years, The Bank of New York Mellon, one of Sberbank’s main US Dollar correspondent banks, also honoured Sberbank for high quality of payment formatting, exceptional STP rate, and use of effective and innovative practices in settlements and clearing.
In 2010, Sberbank was awarded for STP excellence by Commerzbank AG, Deutsche Bank AG and JPMorgan Chase Bank.

The Bank of New York Mellon founded in 1784 by Mr. Alexander Hamilton, the first Secretary of the US Department of Treasury, is the oldest commercial bank in the United States. Sberbank cooperates with The Bank of New York Mellon in many fields including clearing and settlements, syndications and trade finance.