Credit Bank of Moscow launches new overnight deposits for corporate clients

Credit Bank of Moscow is launching a new service to allow corporate clients to capitalise on cash balances at the end of each day via its online platform.

The new service, known as 'Automatic Overnight' allows companies to receive interest payments on their excess cash via CBoM's 'Your Bank Online" service.

Clients need to sign on the dotted line just once to be able to deposit funds at the end of each working day, recouping it at 1100 AM on the following day - plus interest.

Commenting on the new offering, Philip Litvinenko, Director of the Transactional Banking and Deposits Department at Credit Bank of Moscow, said: "Automatic overnight service offers prompt receipt of additional income and makes it possible to significantly reduce the complexity of regular placements."

Once onboarded, clients receive daily proposals with the terms for overnight deposits which they can then accept or refuse via CBoM's online platform.

CBoM's new deposit service is also available over weekends and official holidays and clients may open multiple accounts, with the latter feature allowing them to custom tailor the options for each deposit.