State-run PrivatBank, Ukraine's No. 1 bank, on Wednesday launched a value-added service that analyzes information about bidders of the ProZorro state e-procurement system, which informs a procurement initiator about their reliability, the bank's press service told Interfax-Ukraine.

"Every of such companies will have its light indicator: the green light means that the company is reliable and its reputation is good; the red one means that the company has problems with the tax authorities or its supplier image is bad," PrivatBank CEO Oleksandr Shlapak shared details about the technology on the eve of the 13th World Bank PRIMO Forum in Kyiv.

Shlapak says that the advantage of his bank and its PrivatMarket platform integrated with ProZorro is the largest data base about bidders in Ukraine. Over 60% of legal entities have bank accounts with PrivatBank, he added.

"The best way of fighting corruption in state procurements is advanced online technology, which almost fully excludes a human factor," he said.

Some 98,000 authorized suppliers have been registered with PrivatMarket, the bank's press service said. The platform automatically analyzes all new procurements by suppliers' average prices and informs about detected fraud operations.

PrivatMarket, which is one of about 80 marketplaces registered with ProZorro, daily handles about 1,000 new state procurement transactions.

PrivatBank, which was nationalized late in 2016, is the country's largest bank. Its assets as of the end of the first quarter of 2017 were estimated at UAH 237.25 billion.