OREANDA-NEWS. June 27, 2013. Commerzbank AG, Germany, distinguished Sberbank with an "STP Award 2012" in recognition of excellent quality of the payment orders channelled through Sberbank’s Euro correspondent account at Commerzbank AG, Frankfurt/Main, during the year 2012.

As it was pointed out at the presentation ceremony, Sberbank’s straight-through processing rate exceeded 97.6 p.c. With due regard to the substantial volume of Euro payments, this result brings Sberbank to the leading position amongst all Russian and many foreign banks that maintain accounts with Commerzbank AG.

This international award serves as an obvious recognition of Sberbank's success in improving quality of the payment processing mechanism, developing IT-technologies and permanent attention to the needs and requirements of its customers.

The Straight-Through Processing (STP) is a broadly recognised initiative of the international banking community aimed to optimise the speed at which transactions are processed, and substantially decrease settlement risk and operational costs, by allowing information that has been electronically entered, to be transferred from one party to another in the settlement process without manual intervention.