REO Electronic trading platform

2023: Embedding the "Safe Deal" mechanism from Sberbank

Sber and REO made trading on the electronic trading platform even safer. Sberbank announced this on October 11, 2023.

Users of the electronic trading platform (ETP) for the purchase and sale of secondary material resources created by the Russian Environmental Operator (REO) will be able to conduct safe transactions: a special Sberbank module has appeared on the site.

The mechanism works like this: to conduct a safe deal, the bidder sends an offer to the organizer who chooses the winner. Then the organizer and the winner of the auction sign the transaction protocol, and the buyer's funds are frozen on the operator's nominal account. A contract for the transaction is formed, which is signed by the buyer and the seller. Having fulfilled the terms of the contract, the contractor attaches the reference documents to the transaction, the customer confirms them, after which money is transferred to the contractor's settlement account.

{{quote 'author = said Alexander Vedyakhin, First Deputy Chairman of the Management Board of Sberbank. | Sberbank's technologies ensure the security of transactions in many areas, and such an important industry as waste recycling is no exception. We have integrated the "Safe Deal" mechanism into the ETP to eliminate the risks of unfair behavior of counterparties. I think such practices should be implemented everywhere, because they repeatedly increase the confidence of market participants in each other, minimize fraud and, in general, move the entire market forward,}}

{{quote 'author = noted Denis Butsaev, General Director of PPK "Russian Ecological Operator." | REO and Sberbank have prepared a joint project "Safe Deal" for ETP users, which makes the process of buying and selling lots convenient and safe. The service works by analogy of escrow accounts, when funds are stored in the bank until the obligations are fulfilled. Any verified participant can receive such a service on our site after filling out the questionnaire in his personal account. ETP was created to form a circular economy and already has about 2,000 active market participants,}}

Links

Reference to ETP REO