Swift's MT 798 is designed to create greater efficiencies for clients communicating with multiple banks. It allows them to send a single message which can transmit their trade flow information, eliminating the need to access the proprietary platforms of each Swift-enabled bank.

Andre Casterman, head, corporate and supply chain markets, Swift says: "Use of MT 798 removes the complexity of running multiple platforms for a common purpose. 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"

Fran Martell, global capabilities product manager, Citi, adds: "Trade banks are embracing the move toward shared multi-banking platforms. We are listening to our clients as we embrace the MT 798 and evaluate similar solutions for open account and related financing."

Earlier this month, Citi boasted that it now consistently processes more than one million payment transactions per month using the ISO 20022 XML schemas; a number it says validates it as the new global standard for cash management.