22 January 2018
visit www.ebaday.com

Nordea processing of Swift MT798 now fully automated

10 November 2016  |  4391 views  |  0 Source: Nordea

Nordea has announced capabilities to handle the SWIFT MT798 messaging in a fully automated manner.

MT798 is SWIFT initiative that facilitates Corporate to Bank (C2B) and Bank to Corporate (B2C) communication for the processing of Documentary Credits and Guarantees. Nordea has been a firm supporter of MT798 as a way to standardise and digitise messaging in trade finance. By using the MT798, companies can execute trade finance transactions with all their banks from one platform and digitalize the interchange in the bank to corporate space.

Nordea have now implemented capabilities to support the full range of both incoming and outgoing MT798 messages related to export DCs and in- and outbound bank guarantees. The MT798 message type is now fully integrated with Nordea back-end systems and can be processed automatically - serving the means of improving efficiency, lowering costs and reducing operational risk both for banks and corporates. Import DCs are not included as they were determined to be less relevant to Nordic corporates.

“Digitalisation of trade and trade finance has proven to be complicated due to the number of participants involved in a trade finance transaction. However, by our close cooperation with a number of forward-thinking corporate customers, we have developed our capabilities together. This is how far we can reach for now in terms of taking a leap towards higher operative efficiency, as we await and prepare for future developments in areas such as distributed ledgers and big data technologies,” comments Urban Ljungblom, Head of Trade Finance Industry and Public Affairs at Nordea.

“We are pleased to see that utilisation of the SWIFT envelope MT798 has taken off in the Nordics,” adds Erica Åhman, Head of SWIFT in the Nordics. “This single channel and communication standard improves straight-through processing and is enabling a centralised view of trade transactions worldwide, both for business management and the increasingly important compliance purposes.”

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.ebaday.comvisit www.niceactimize.com

Top topics

Most viewed Most shared
Standard Chartered establishes fintech innovation and investment unitStandard Chartered establishes fintech inn...
8787 views comments | 14 tweets | 14 linkedin
BofA leads on blockchain patentsBofA leads on blockchain patents
8780 views comments | 12 tweets | 12 linkedin
Banks shift priorities toward growth, digitisation and innovation - surveyBanks shift priorities toward growth, digi...
8672 views comments | 37 tweets | 44 linkedin
Sbanken opens developer portal and invites customers to build their own digital bankSbanken opens developer portal and invites...
7752 views comments | 16 tweets | 11 linkedin

Featured job

Competitive base + commission + benefits
UK or Germany

Find your next job