Recent sanctions against Russia’s banking and political community necessitate thorough screening of all cross-border financial transactions by international businesses
BOSTON, March 01, 2022 (GLOBE NEWSWIRE) — TIS, a global leader in enterprise B2B payments, today announced a new initiative to help international businesses mitigate the impact of recent sanctions levied against Russia’s banking community and political elite.
Following Russia’s invasion of Ukraine, the political leadership of many NATO, European, and North American nations have agreed upon and implemented unprecedented sanctions against selected Russian individuals, businesses, and the financial infrastructure of the country. In addition, some Russian financial institutions will be excluded from the global SWIFT network, making cross-border financial transactions with these selected banks impossible through the SWIFT channel.
In order to maintain compliance with these new restrictions, businesses that operate internationally are not permitted to conduct business or participate in financial operations with any of the sanctioned parties, which includes the Russian Central Bank, Sberbank, VTB, Otkritie, among others.
While the sanctions list is evolving, businesses and individuals are also restricted from transacting with prominent Russian leaders and oligarchs, many of whom have had their foreign assets frozen.
“What is happening in Ukraine is difficult and heartbreaking on a humanitarian level. As we all try to determine how we can best support the people of Ukraine, we have also been asked by our customers for guidance on the rapidly evolving situation. As an international business, the complexity and evolving nature of sanctions coupled with the responsibility to remain compliant is creating a new set of challenges that need to be met. We want to communicate that we will support our customers while also providing free advisory services to other businesses who may have questions or concerns surrounding sanction screening.” – Erik Masing, CEO
TIS Sanction Screening:
TIS Sanction Screening assists in preventing accidental payment to a sanctioned party by businesses, and covers six global sanction lists, including OFAC and sanction lists from the United Nations, European Union and United Kingdom. The sanction lists are updated automatically by TIS daily and on demand.
Through TIS Sanction Screening, TIS aims to support its customers through this uncertain and complex time by offering Sanction Screening for free to its customers through Q2 2022.
TIS and SWIFT:
TIS’s SWIFT connectivity channel will automatically manage the implications resulting from the exclusion of Russian banks from SWIFT and will assist organizations with identifying impacted transactions.
TIS recognizes the gravity and complexity of the situation for many involved parties and aims to support global organizations through these difficult times.
Customers have been encouraged to contact TIS with any questions or concerns regarding compliance implications, or in case of specific failed transactions.
TIS also offers organizations that are not current customers the opportunity to discuss best practices with our team of payments experts and will look to assist organizations as they navigate this uncertain global payments environment.
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TIS is reimagining the world of enterprise payments through a cloud-based platform uniquely designed to help global organizations optimize outbound payments. Corporations, banks, and business vendors leverage TIS to transform how they connect global accounts, collaborate on payment processes, execute outbound payments, analyze cash flow and compliance data, and improve critical outbound payment functions. The TIS corporate payments SaaS solution helps businesses improve operational efficiency, lower risk, manage liquidity, gain a strategic advantage -and ultimately achieve enterprise payment optimization.
Visit us for more information at: www.tispayments.com
Jennifer Knutel, VP Marketing
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