Royal Bank of Scotland will now support Swift's Corporate Access (SCA) members using the MT798 messaging standard for corporate-to-bank trade transactions.
Companies that rely on a range of banks to execute their trade transactions often use several proprietary bank systems. But they can now use the MT798 message type to exchange information with all their banks from one platform, which will use FIN, Swift’s core store and forward messaging service and will include among 41 message types import letters of credit, standby letters of credit and guarantees, and receipt of export letters of credit.
“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," says Alastair Brown, Head of eChannels, RBS Global Transaction Services.
James and Anthony talk about the looming Sibos event in Toronto and take a look at some recent M&A activity and blockchain developments in the capital markets.Subscribe to Weekly Wrap emails