Nordea fully automates processing of Swift MT798 messaging
Nordea has announced it now can handle the Swift MT798 messaging in a fully automated manner.
MT798 facilitates corporate-to-bank (C2B) and bank-to-corporate (B2C) communication for the processing of documentary credits (DCs) and guarantees.
“Digitalisation of trade and trade finance has proven to be complicated due to the number of participants involved in a trade finance transaction,” comments Urban Ljungblom, head of trade finance industry and public affairs at Nordea. “However, by our close cooperation with a number of forward-thinking corporate customers, we have developed our capabilities together.”
The bank states it “has been a firm supporter of MT798 as a way to standardise and digitise messaging in trade finance”.
By using the MT798 standard, it explains, “companies can execute trade finance transactions with all their banks from one platform and digitalise the interchange in the B2C space”.
Nordea’s latest tech project has brought complete automation of the full range of both incoming and outgoing MT798 messages related to export DCs and in- and outbound bank guarantees.
The MT798 message type has been fully integrated with Nordea back-end systems and can be processed automatically, the bank states. It highlights the resultant benefits such as improved efficiency, and cost and operational risks reduction for both banks and corporates.