SWIFT MT798 supported by IBAS.
MT798 is an initiative by SWIFT to facilitate Corporate to Bank (C2B) and Bank to Corporate (B2C) communication for the processing of Documentary Credits and Guarantees. Using the MT798, companies can execute trade finance transactions with all thier banks from one platform.
CBA is pleased to announce that the IBAS GTF - Global Trade Finance Factory supports the full range of both incoming and outgoing MT798 messages. The MT798 message type is fully integrated with existing IBAS functionality and can be processed automatically (STP) - improving efficiency, lowering costs and reducing operational risk.
IBAS support for MT798 allows IBAS user banks to offer this functionality to their corporate customers, allowing corporates to send transaction details through SWIFT without the need for multi-bank platforms, thus enhancing the competitiveness of IBAS user banks' trade finance offerings to the market.
With IBAS already supporting BOLERO and integrating with other external Customer Front-End systems, implementation of the MT798 was a natural extension of functionality to enhance the flexibility of communication between an IBAS user bank and their trade finance customers.
For more information, please contact CBA.