VTB Bank and MultiService Payment System started issuing PAYHD customs cards for electronic payments of all types of duties

VTB Bank and MultiService Payment System have started issuing PAYHD customs cards, which allow users to make electronic or online payments of all types of duties on the same day as the goods clear customs.

Moscow, Russia, 14-11-2013 — /EuropaWire/ — PAYHD card scanners are being installed at all customs checkpoints across Russia, from Kaliningrad to Vladivostok.

With PAYHD cards, companies will be able to make customs payments using budget classification codes, and receive full bank statements. The system will also help companies avoid overpaying, and will eliminate the need to make advance customs payments. PAYHD is a secure payment method, as cards can only be used by companies for customs payments and payments can only be made to Federal Treasury accounts.

VTB offers PAYHD cards to corporate and individual clients engaged in foreign economic activity. For clients that need to make payments at several customs offices simultaneously, multiple cards linked to a single bank account can be issued.

VTB Bank has successfully run a pilot project involving PAYHD cards with TAMARIX Logistics, one of the biggest customs clearance providers in northwest Russia. TAMARIX used its card account to make transactions online as well as at customs checkpoints, allowing the company make more efficient use of its working capital and greatly improving the quality of its services.

Gurinder Nihal, Senior Vice President and Head of Global Transaction Banking at VTB, said: “PAYHD customs cards offer unique possibilities for entities engaged in foreign economic activity, such as remote payments through the exclusive Personal Account service, and real-time access to past transactions details. We are pleased to offer our clients yet another valuable tool in our transaction banking, something to help companies resolve the key problems facing their treasuries.”

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