Global trade may be shifting towards open account terms. However, traditional trade instruments continue to play a key role in trade – particularly for high value transactions and when working with new suppliers.
Such instruments can play an important role in supporting international trade. But for companies using multiple banks, communicating with those banks for trade finance can be a slow and inefficient process.
That’s why we’ve created Trade for Corporates. By offering a single channel for exchanging standardised corporate-to-bank trade data, we are helping corporates streamline their trade messaging.
MT 798: the ‘Trade Envelope’
A comprehensive solution for corporate trade, FIN MT 798 caters for the following instruments:
- Import letters of credit
- Export letters of credit
- Guarantees/standby letters of credit.
Using MT 798, you can apply to your bank for a letter of credit or guarantee, and receive an Advice of L/C back from your bank. Your bank can then notify the Issuance of an L/C or Guarantee, or notify an amendment.
For some types of trade data, it may be more appropriate to use the FileAct messaging services. Using formalised trade request types, you can use FileAct to send trade documents and images over SWIFT. FIN messages for a single transaction can also be grouped together – improving transparency, classification, routing and processing.
To learn more, read the Trade for Corporates factsheet.