OREANDA-NEWS. As a part of its Financial Control Center, the Bank of Moscow has launched a new service - "Control of Settlements under Agreements" that allows corporate clients of the Bank performing the following operations:
* keeping an electronic registry of contracts/agreements concluded;
* automated control over payments made by contractors for the compliance with the terms of the contract;
* preliminary approval of the electronic registry of contractors' payments by the customer;
* real-time reporting on the performance of contracts.

"This new service will allow our corporate clients launching a simple, reliable, and efficient system of financial control over contracts execution and implementation of investment programmes by subsidiaries and affiliates rapidly and without significant organizational and financial costs," comments Andrey Abramov, the Head of the Directorate for Electronic Products of the Bank of Moscow.

Financial Control Center of the Bank of Moscow is a set of services that allows performing operations depending on the customers' needs as follows:
- banking supervision of contracts in accordance with the Federal Law No. 44-FZ "On the Contract System in Procurement of Goods, Works and Services for State and Municipal Needs" dated April 05, 2013;
- control over the proper use of funds allocated for contracts execution, including contracts concluded in accordance with the Federal Law No. 223-FZ "On Procurement of Goods, Works and Services by Certain Types of Legal Entities" dated July 18, 2011;
- authorization of transactions, cash management, as well as control over cash flows of subsidiaries and branches.