As a businessman, you might be aware of the difference between MT799 and MT760. MT799 is used as confirmation of financial capability. On the other hand, MT760 acts as a guarantee of payment upon the fulfilment of certain terms and conditions agreed upon in the contract. In brief, let us see the features of SWIFT MT799 and SWIFT MT760 in detail.
What is SWIFT MT799?
MT799 or Bank Comfort Letter or BCL Bank is an authenticated SWIFT notification issued by a bank on behalf of the buyer and in favour of the supplier. Further, it assures the supplier that the buyer is financially capable of purchasing the goods as per the agreed contract.
Once the supplier’s bank receives the BCL MT799, the supplier verifies the buyer’s financial strength. The supplier will also send the POP (Proof of Product) to the buyer’s bank. This confirms that the products are readily available in stock for shipment. Therefore, SWIFT MT799 provides proof of the buyer’s financial capability while the POP confirms the availability of the goods.
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What is MT760?
MT760 is an authenticated SWIFT message issued by a bank upon the request of its client to provide payment assurance to the supplier. Further, SWIFT MT760 is involved in the issuance of Standby Letters of Credit and Bank Guarantees, including Advance Payment Guarantees, Performance Bonds, and Bid Bond Guarantees.
Having MT760 can demonstrate the buyer’s financial capability and provide payment assurance. Therefore, suppliers may be more willing to work with buyers who are ready to provide MT760 Guarantees as a payment term.
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Difference Between MT799 and MT760
- MT799 is an authenticated SWIFT message used between the buyer’s and seller’s banks to demonstrate the buyer’s financial capability. The POP (Proof of Product) from the seller’s side confirms the availability of the goods.
- MT760 is an authenticated SWIFT message used as a payment guarantee towards the seller or service provider.
How to Get MT799 & MT760?
When it comes to availing MT799 or MT760, buyers usually contact their banks. However, banks may not issue such bank instruments without some form of collateral or cash margin.
Bronze Wing Trading understands the importance of trade finance for traders and assists eligible businesses in obtaining the required instruments from reputed banks at ZERO cash margin.
Unlike banks and other private lenders, we do not follow lengthy processes or require extensive paperwork. Our issuance process is simple, allowing eligible clients to obtain the required instrument in as little as 2 days by following our five-step process.
Do you require MT799 to demonstrate your financial capability to your seller? Or do you need an MT760 Guarantee to assure payment or performance to your supplier or project owner? Whatever your requirements may be, you can contact us to find a suitable solution for your trade finance needs.