Raiffeisen Bank conducted a transaction in SBP between legal entities

2021: Conducting a pilot transaction between legal entities in the SBP

Raiffeisen Bank on January 11, 2021 announced a pilot transaction between legal entities in the Express Payment System. The recipient of the pilot transaction according to the QR code was the bank "Point." This payment method will allow companies to instantly transfer funds to suppliers and counterparties at any time of the day in 24/7 mode. By reducing transaction times many times, this payment method gives the business flexibility and increased operational efficiency.

Traditionally, making payments to suppliers involves a large number of manual actions when processing invoices, including billing, preparing payment documents, correcting possible errors in details with payment assignments. Payments take place on working days and take from several hours to days. SBP transfers remove this problem - now companies can pay bills using a QR code or a link in an online bank for business instantly.

Transfers to SBP between legal entities open the next stage in the development of B2B payments. Now the speed, comfort and security of transfers according to the QR code and phone number, to which we are all accustomed in our daily experience, will become available to business, and archaic payment methods with many hours of document exchange will be a thing of the past, "commented Georgy Konnov, head of the development of e-commerce Raiffeisen Bank. - This is especially valuable for companies that make a lot of payments to suppliers or counterparties on a daily basis - in particular, e-commerce platforms, retail chains, distributors.

In the first quarter of 2022, Raiffeisen Bank plans to develop an API as part of the Raif Pay service, which will allow customers to connect to transfers between legal entities under the SBP within a matter of days.