Do you know the importance of the SWIFT MT799 message in the global trade market? Why do suppliers demand buyers to provide SWIFT MT799 before signing the bank import contract? Let us discuss – What is SWIFT MT799 & the demand for SWIFT MT799 in the global trade market.
What is SWIFT MT799?
SWIFT MT799 is the authenticated SWIFT message issued by a bank on behalf of its client to confirm the financial ability of the buyer to cover bulk import. Please be noted that MT799 doesn’t provide any assurance or guarantee of payment to the counterpart.
Why Supplier Demand Buyers to Provide SWIFT MT799?
In today’s global trade market, suppliers always wish to work with financially competent buyers who can pay for the supplied goods on time without any default. So, before signing the contract, suppliers want to check the financial position of the buyer. Hence, they demand a SWIFT MT799.
The main function of this SWIFT MT799 is to assure the seller that the buyer does have the necessary funds available to complete the transaction. So, once the supplier receives the SWIFT MT799 from the buyer’s bank, they can have financial confidence about the buyer. Also, they will get an assurance that the buyer is financially capable to make the payment for the supplied goods.
Get Proof for your Financial Ability – Apply for MT799!
After the receipt of MT799, the seller can have confidence that the buyer owns the product & is capable of delivering the goods by issuing the POP (Proof of Product) to the buyer’s bank. All these communications usually happen between the buyer’s bank & seller’s bank via SWIFT Message MT799. With this safe message, the seller is assured of the financial capability of the buyer & the buyer is assured of the product availability from the seller.
How to Get SWIFT MT799?
Is your supplier demanding you to show proof of your financial capability, i.e., how you will get a bank contract letter?
If your account doesn’t have enough funds, then your bank will provide you with the required BCL by blocking your bank limit as per your trade deal. In case, if you don’t have enough cash funds available; or if you don’t want to block your capital, then you can able to get the MT799 from your bank. Also, without providing your financial capability, you can’t able to enter into the project & it may create a big loss for your business.
If you don’t want to lose any opportunities because of a lack of cash funds, then you can contact us with your request. We can provide the required MT799 from our bank account, which states that the buyer is financially capable to proceed with the purchase of bulk goods! With this swift message, your supplier will verify your financial ability & be ready to deal with you.
So, what are you waiting for? Submit your BCL request to us & get the MT799 issued in 2 days!
