What is BSC? Interview with Azima Myrzabekovna, Regional Manager of the Operations Department of Keremet Bank OJSC.
1. Azima Myrzabekovna, can you please explain again how BSC (Bank Support of Contract) works at Keremet Bank OJSC and for which contracts in the sphere of public procurement bank support is applied?
Bank support of a contract is a banking service that accompanies a contract concluded between a procuring organization and an executor in order to:
- Ensure the targeted use of state budget funds;
- Minimize financial and tax risks for procuring organizations;
- Ensure transparency in the execution of public procurement contracts.
Based on the bank support contract, the Bank processes payments and monitors settlements made by the supplier and all other participants involved in the contract execution. This is done through a separate bank account opened with an authorized bank to control the targeted expenditure of funds.
The results of the bank support of contracts are communicated to the procuring organization through an interactive reporting portal, by providing a login and password, where the customer can view all expenses in real time according to the concluded contract and estimates.
2. Tell us what is important for clients when working with BSC at OJSC Keremet Bank. (Why do they choose Keremet Bank? Is it the efficiency of work or other reasons?)
- It is important for clients to have their payments processed as quickly and efficiently as possible. Additionally, the quality and professionalism of the Bank's employees, along with the convenient location of the Bank's branches throughout the Kyrgyz Republic, are significant factors in their decision.
3. Tell us about the procedures at BSC. What questions do clients often ask?
- The procuring entity must select one of the authorized banks where a separate account will be opened for settlements under the procurement contract before the contract is concluded.
- The contractor, whether a sole proprietor or an organization that wishes to participate in the tender, must conclude a bank account agreement with the selected authorized bank and open a bank account with it BEFORE the procurement contract is concluded.
- The contractor then notifies the procuring entity of the selection of the authorized bank and provides the details of the bank account opened with the authorized bank.
- After the tender results are finalized, the contractor must conclude an additional agreement with the authorized bank to the bank account contract, establishing a special regime for the opened bank account (Separate Account regime) in accordance with the Bank Support Application approved by the authorized bank.
- The contractor then receives access from the authorized bank to the Personal Account (the "Portal for Acceptance of Justifying Documents") and makes all payments in accordance with the contract and the terms and conditions of the BSC contract.
- Upon fulfilling the contract, the Separate Bank Account regime is removed.
4. Are customers satisfied with the maintenance of contracts at Keremet Bank?
- The Bank's clients working under the BSC undergo training organized by the Training Centre of the Ministry of Finance of the Kyrgyz Republic in cooperation with representatives of the Banks. Additionally, the Bank regularly collects questions (especially concerning non-standard situations) and provides answers to the clients. There are successfully completed contracts, and positive feedback has been received from clients, who share their opinions on the accessibility and ease of applying banking support to contracts. Some clients even recommend OJSC Keremet Bank to other contractors who are planning to work with the Bank's support of contracts. Moreover, after gaining experience, clients improve and modernize their current reporting systems, hire qualified accountants, and enhance their overall operations.
5. Where can one find standard document forms and methodological materials explaining the procedure for applying bank support to contracts in the field of public procurement?
- The website of OJSC Keremet Bank contains all the necessary information and instructions, including the list of required documents for opening a BSC. Additionally, clients can visit the Bank's branches, where employees will provide advice and assistance. Printed materials on BSC are also available in all of the Bank's offices.
6. Whom can clients contact? Where should clients go if they have questions about the BSK?
- The Bank's website has a list of employees and addresses of the Bank's branches with telephone numbers of the responsible BSC officers, by contacting them or coming to the Bank customers will receive qualified advice on all arising issues from the Bank's employees.
7. Do suppliers use other services of the bank? For example, taking out a loan or handling money transfers? Do the specialists at "Keremet Bank" assist with other issues not related to the BSK?
- Do suppliers use other bank services? For example, to take a loan or money transfer questions? Do Keremet Bank's specialists help with other non-BSC issues. The Bank's BSC clients receive all types of banking services, often use International money transfer systems, conversion of funds, payment of taxes and salaries to employees, settlement and cash services. They get access to Internet banking, where they make payments remotely without visiting the Bank.
Contacts of responsible employees of BSC can be found at the link
Keremet Bank - a bank of opportunities!
Contact Centre of Keremet Bank OJSC works in 24/7 mode and is available by phone numbers 0 (312) 55 44 44, 0 (703) 55 44 44, 0 (997) 55 44 44, 0 (227) 55 44 44 or via WhatsApp at 0 (557) 55 44 44.
