IMPEXBANK has summed up the results of cooperation in 2006 with American Express in providing correspondent banks with services in cashing American Express travellers cheques, both in U.S. dollars and euros, bypassing encashing banks. In 2006, over 15 lending organizations in Russia and the CIS became IMPEXBANK’s counter-parties, the bank’s press service reported. The overall number of cheques, accepted from counter-parties for encashing, was in excess of 52,000 in 2006. IMPEXBANK is currently the sole Russian bank dealing directly with American Express through an electronic exchange of files. This enables counter-party banks to reduce the time for the disbursement of funds and to cut costs.

Source: WWW.NOVECON.RU, February 28, 2007