Sberbank aims to automate 99% of foreign currency transactions in 2019

Maria Nikolova

In 2018, the share of clients’ foreign currency transactions processed by robot algorithms increased from 50% to 90%.

Sberbank Rossii PAO (MCX:SBER) continues to implement novel technologies, with algorithms already being used for processing the bulk of Sberbank’s clients foreign currency transactions. The bank has just voiced its plans to work further in this direction.

Sberbank plans to automate 99% of foreign currency transactions in 2019.

Vice President and Head of the Global Markets Department of Sberbank Andrey Shemetov commented:

“Automation of standard processes saves the most valuable resource – the time of our clients and employees. It will also help to devote more time to other deals, transactions in illiquid time, and rare currency transactions that will still be carried out manually.”

It is important to note that the number of clients’ foreign currency transactions processed by robot algorithms increased from 50% to 90% in 2018. In 2019, the bank aims to increase this portion to 99%. At the same time, the bank has managed to significantly optimise the work hours of employees who were in charge of manual deals in regional offices.

Currently, Sberbank also actively uses algorithms in stock operations and is considering the possibility of using them for deals with other assets.

The bank is known for its passion for new technologies. Earlier in 2019, the bank announced the launch of an AI-based chatbot that will help users of electronic trading system Sberbank Markets. Basically, this move marks the start of the public testing of the solution.

The new solution will initially consult clients about FAQ related to the work of Sberbank Markets. In the future, the chatbot is set to gain extra capabilities. It will inform users about trading developments, as well as about perspectives of entering into deals with various asset classes.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<