The MT798 enables clients to generate a range of message types used for trade – to initiate import letters of credit, standby letters of credit and guarantees, or to receive export letters of credit. Royal Bank of Scotland now supports SWIFT Corporate Access members who use the MT798 messaging for trade transactions via FIN, SWIFT’s core store and forward messaging service. RBS supports 41 different MT798 message types.

Previously, companies using multiple banks to execute their trade transactions often had to use several proprietary bank systems. The new message type allows clients to exchange structured messages, which can transmit their trade flow information, eliminating the need for a client to access the proprietary platforms of each SWIFT-enabled bank. Now they can use the MT798 message type to exchange information with all their banks from one platform.

Deborah Seliski, Director, Global Trade eChannels, RBS, commented: “RBS recognises the dilemma faced by companies that use numerous bank systems. By offering the MT798 service, we can provide standard messaging for SCA members, enabling them to execute transactions from a single entry point. This provides for greater control and global visibility of their trade portfolio.”

RBS and SWIFT are delighted with themselves

Alastair Brown, Head of eChannels, RBS Global Transaction Services, said: “The MT798 is a great example of how banks, corporates and SWIFT are working together to provide bank-agnostic solutions. We are delighted to bring this new capability to RBS customers with all the benefits it brings to both them and us.”

Andre Casterman, Head of Corporate and Supply Chain Markets, SWIFT, said: “We are delighted about RBS’s decision to adopt SWIFT’s trade standards. This will enable RBS to respond to the needs of a growing number of corporates that centralise and automate trade transactions.”