(1 July 2008 – Global) Swift has announced the extension of its financial messaging network to include bank to corporate transactions of trade data.The introduction will allow bank to corporate exchange of trade finance-related information, including Letters of Credit advice and applications.
Arthur Cousins, a director of strategy and product development at the Standard Bank of South Africa and Swift board member said that this represents a major step forward for banks.
He added that this will provide banks with a complete trade offering to their corporate customers.
He also said that corporates connected to Swift view exchanging trade messages as the next valuable step after payments, cash management and treasury activities.
This adds to Swift’s current Trade Services Utility, which allows trade information to be sent from bank to bank.
Cousins added that banks, corporates and vendors are spending serious time evaluating Swift’s proposals and that their contributions are integral to new products like this and therefore Swift’s success.
The service will use the Swift MT 798 messaging envelope for exchanging trade data relating to Import Letters of Credit, Export Letters of Credit and Guarantees/Standby Letters of Credit.