SWIFT Standard for Corporate-to-bank Trade Deployed by Citi
Citi now supports multinational corporate (MNC) clients in their trade flows following the launch of corporate-to-bank SWIFT Message Type (MT) 798, which enables clients to generate trade flow communications with any SWIFT MT798-capable bank. Citi launched the service for corporate clients in Q412 and is one of many global banks expected to scrabble for business in this area.
Based on input from corporates, banks and technology vendors, SWIFT facilitated the new MT798 message to create greater efficiencies for clients communicating with multiple banks. It allows clients to send a single message which can transmit their trade flow information, eliminating the need for a client to access the proprietary platforms of each SWIFT-enabled bank.
“Use of MT 798 removes the complexity of running multiple platforms for a common purpose,” said Andre Casterman, SWIFT head of corporate and supply chain markets. “Both banks and corporates have the freedom to make their own technology decisions and yet can connect with all of their counterparties. This also translates into cost savings and avoids vendor lock-in”
Trade banks are embracing the move toward shared multi-banking platforms, added Fran Martell, global capabilities product manager at Citi: “We are listening to our clients as we embrace the MT 798 [messaging standard] and evaluating similar solutions for open account and related financing.”