VTB Bank (Deutschland) AG gave “STP Award 2010” to LOCO-Bank for high quality of Euro client payments based on 2010 results. "STP Award” is given to banks on annual basis for excellent quality of processing of foreign currency payments which do not require manual processing. It proves high level of international payments processing at the Bank.
Straight Through Processing (STP) is payments formatting standard which enables to perform payments automatically without manual processing. The use of STP speeds up settlements process and allows to cut operational expenses for international clearing. The winner of STP Award for foreign currency client payments processing is selected based on the results of STP assessment by correspondent banks. In 2010 the ratio of automated commercial payments of VTB Bank (Deutschland) AG at LOCKO-Bank instructions reached 98,23%. Such exceptional results are attributed to efficient control system, proven experience and high expertise of the Payments and Transactions Control Department of the Bank.