MT798 is SWIFT initiative that facilitates corporate to bank (C2B) and bank to corporate (B2C) communication for the processing of Documentary Credits and Guarantees.
By using the MT798, companies can execute trade finance transactions with all their banks from one platform and digitalize the interchange in the bank to corporate space.
Nordea has been a firm supporter of MT798 as a way to standardise and digitise messaging in trade finance.
The newly implemented capabilities will support the full range of both incoming and outgoing MT798 messages related to export DCs and in- and outbound bank guarantees. The MT798 message type is now fully integrated with Nordea back-end systems and can be processed automatically. Import DCs are not included as they were determined to be less relevant to Nordic corporates.
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