Belarusbank has been officially acknowledged by Commerzbank AG for the high quality of executing payment orders for international bank transfers in MT103 SWIFT format.
Oliver Schufmann, Head of Commerzbank AG's Representative Office in the Republic of Belarus, stressed that in 2007, due to competent and correct observance of SWIFT and correspondent banks' requirements regarding execution of payments, nearly all transfers of our bank were made automatically. In view of the fact that correspondent banks charge an extra fee (5 euro per transfer on average) for payments unduly executed and processed manually, Belarusbank achieved a significant economy and ensured uninterrupted processing of our customers' payments.
These high results are not only a merit of International and Interbank Payments Department (Director Elena Stepanets) which processes MT103 messages and controls compliance with requirements regarding their execution, but also of the Bank's offices. A special mention should be made of how execution of payments is organized at the operational department of Belarusbank and at Minsk branches № 503, 511, 520, 524, 527 and 529.