Oschadbank introduces remote verification of foreign economic contracts on OschadBusiness portal

From now on, any legal entities and individual entrepreneurs (both clients and nonclients of Oschadbank) will be able to remotely upload foreign economic contracts using the OschadBusiness service for preliminary review and approval in the area of financial monitoring and currency control. The new service helps to obtain an expert opinion in advance on the compliance of documents with the current legislation and the possibility of fulfilling the contract in terms of regulatory requirements. Oschadbank's specialists will quickly review the documents and provide professional advice on the execution of a contract for foreign economic activity (FEA).

“Exporting has long been a matter of exclusively large enterprises. Today, it is important for small and medium-sized businesses to enter foreign markets, as the benefits of exporting far outweigh the risks. Often, entrepreneurs face problems due to a lack of awareness of the requirements for exporting. Especially to support business and promote exports, we are introducing a convenient service that gives companies the opportunity to receive prompt advice on foreign trade operations and check their documents for compliance with existing requirements,” said Natalia Butkova-Vitvitska, Oschadbank Board Member in charge of MSMEs.

In addition to the new service, Oschad offers a full range of services for foreign economic activity:

• convenient account opening - both in a branch and online through the OschadBusiness service;
• direct dealing for exporters - instant currency exchange transactions, expert advice on such transactions, review of the interbank and international currency markets, conclusion of agreements on the sale of foreign currency online;
• documentary instruments - guarantees and letters of credit for the safe conduct of international trade, financing of contracts covering military risks through hedge instruments from international financial organizations, including the EBRD.

For more information on the new service of pre-approval of foreign exchange contracts and other services for foreign economic activity, please visit Oschadbank's official website, visit branches or call the contact center for business clients at 0 800 219 800.

Last year, 1,730 loan applications were received through the OschadBusiness platform. In 2024, the bank significantly expanded the functionality of its digital services by introducing 4 new functions in OschadBusiness and 20 functions in Corplight, an online platform for remote banking for business.