What does the SWIFT MT799 option provide?
An account with the SWIFT MT799 capability allows bank-to-bank SWIFT electronic verification for Proof of Funds in compliance with the SWIFT Category 7 “Treasury Markets & Syndication” message types. Often there is a misconception that a particular circumstance requires a SWIFT MT760 message, when in fact, the SWIFT MT799 format provides the required bank confirmation for the application. There is a $1 million minimum account size for a SWIFT MT799, and additional costs apply.
An account with the SWIFT MT799 capability allows bank-to-bank SWIFT electronic verification for Proof of Funds in the account, with no further comment. Normally, a SWIFT MT799 is used as a prelude to a follow-up SWIFT message such as an MT760 because they are both part of the Category 7 Documentary Credits and Guarantees SWIFT format category. There is a $1 million minimum account size for this SWIFT wire communication. Additional costs apply.
An account with the SWIFT MT799 capability allows bank-to-bank SWIFT electronic verification for Proof of Funds in compliance with the SWIFT Category 7 “Treasury Markets & Syndication” message types. Often there is a misconception that a particular circumstance requires a SWIFT MT760 message, when in fact, the SWIFT MT799 format provides the required bank confirmation for the application. There is a $50 million minimum account size for a SWIFT MT799, and additional costs apply. View MT799 example.
