InfoWatch Online Letter of Credit

Main article: E-commerce

2021: Launch of the Online Letter of Credit service

GK InfoWatch April 21, 2021 announced the development of the Online Letter of Credit service for conducting safe settlements between suppliers and buyers of goods and services on the Internet. The service for banks and the B2B sector is designed to protect the interests of all parties involved in the sales process in conditions of insufficient awareness of each other.

The "Online Letter of Credit" provides a guaranteed refund to the buyer if the seller does not provide the service or does not supply the ordered goods, and also if the goods or services are delivered in violation of the terms of the contract - they are of poor quality or are not delivered in the same amount. In turn, the supplier of goods or services becomes protected from claims of unscrupulous buyers using a transparent arbitration procedure, which, in case of controversial cases, is carried out by specialists of the service operator company (any Russian bank using the Online Letter of Credit).

As the president of the Group of Companies InfoWatch Natalya Kasperskaya, "usually the seller and the buyer of goods and services at the first contact are not protected from deception, they do not know each other, they have no guarantees that a major transaction will go honestly and smoothly. Our service is an analogue of a bank cell for parties unfamiliar with each other. Thanks to its work, both parties can be fully confident in the end - the buyer in receiving the goods, and the seller in receiving payment for the order - in full and on time. "

The service works like this: the buyer transfers funds to pay for the goods or services to a nominal account created by the service operator, where the listed funds are reserved. The seller then ships the goods or provides a service. Once the buyer has confirmed receipt of the goods or services, the seller may receive his money. This development of the Civil Code InfoWatch allows Russian banks to expand the product line with a service for conducting secure transactions online, dramatically speed up transactions, reduce the cost of conducting documentary operations and eliminate errors caused by a human factor. In turn, e-commerce platforms receive a secure way to organize online settlements when fulfilling orders, the InfoWatch emphasized.