Purchasing a car is a major purchase, which is sometimes associated with risks.
Sber and the Ministry of Digital Development, Communications and Mass Communications of Russia have launched a new service for motorists on Gosuslugi. As press services note, with the new service you can safely buy and sell cars on the portal.
Now, with the help of State Services, you can not only conclude an electronic agreement, but also make a payment through a letter of credit. In this case, the bank will “freeze” the buyer’s money in a special account. The seller will receive them after confirming the car’s registration with the traffic police.
Such a letter of credit is executed automatically as soon as Sberbank receives information that the transaction has been completed and the car has been registered with the traffic police. At this moment, money from a special account passes from the buyer to the seller.
Deputy Chairman of the Board of Sberbank Anatoly Popov explained:
Purchasing a car is a major purchase that sometimes comes with risks. Our joint project with the Ministry of Digital Development protects the interests of Russians in car purchase and sale transactions and simplifies the issuance of a letter of credit thanks to an automated data exchange channel between government services and Sberbank. I think the secure letter of credit transaction will quickly become popular in used car sales.