The Royal Bank of Scotland (RBS) has adopted the new SWIFT system that enables clients to generate a range of message types used for guarantees and letter of credit (L/C) transactions.

RBS now supports SWIFT Corporate Access members who use MT798 messaging for trade transactions via SWIFT's core store and forward messaging service.

Universal platform

Companies that rely on a range of banks to execute their trade transactions often use several proprietary bank systems.

But the new message MT798 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.

Applications

The MT798 enables clients to generate a range of message types used for trade - to initiate import L/Cs, standby L/Cs and guarantees, or to receive export L/Cs.

RBS launched this service for corporate clients in the third quarter of 2014, supporting 41 different MT798 message types.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.