June 15th 2011

"Online Cash Collections" was recognised by The Banker as the best innovation in banking technology 2011

New technology of Ukrainian PrivatBank, "Online Cash Collections" was included into the ranking on Innovation in Banking Technology Awards 2011, compiled by The Banker, the influential British magazine.

As stated in the June issue of The Banker magazine, the PrivatBank's technology provides the simplest way to solve one of the key problems in cash transactions – earnings' accounting before it's delivered to a bank and converted. Simplicity of technology and the possibility of its widespread utilisation brought the Bank's "Online Cash Collections" the "Highly Rated" mark from technology experts in cash-and-treasury technology (Innovation in Cash and Treasury Technology).

"This is a surprisingly simple technology; while implementing it, we were surprised why this idea did not come to our minds before, - says Liudmyla Shmalchenko, the Deputy Chairman of the Board. - At the moment, we reduce thrice the time on each transaction, save thousands hectares of forests by minimising paper documents, and the technology itself does not require additional cost on implementation and eliminates errors".

Today this innovation is used by more than 2'000 Ukrainian companies, including the largest airline company Aerosvit, national retail nerworks: mobile-phone RETAIL Euroset Ukraine, cosmetics ProStor, petrol stations PAB Ukrnafta Ltd. and PTF Avias etc.

PrivatBank's innovations were listed in the ranking for two year in a row. In 2010, the system of electronic delivery Liqpay, technology of Ukrainian PrivatBank, was recognised the best Innovation in Cash and Treasury Technology. This technology is implemented in all branches and departments of the bank under the brand "No Coins".

In the Innovation in Banking Technology Awards 2011 ranking the magazine experts reviewed more than 240 applications from commercial and investment banks, stock companies and clearing houses from all over the world - from Taiwan to South Africa.

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