MT799 Vs MT760 – As a businessman, you might be aware of the difference between MT799 and MT760. Yes…. MT799 is used as a certification to prove financial capability. On the other hand, MT760 acts as a guarantee of the payment upon the fulfillment of certain terms and conditions as agreed in the contract. In brief, let us see the features of SWIFT MT799 and SWIFT MT760 in detail.
MT799 or Bank Comfort Letter or BCL Bank is the authenticated SWIFT notification issued by a bank on behalf of the buyer and in favor of the supplier. Further, this assures that the buyer is financially capable to purchase the goods as per the offered contract.
Once the supplier’s bank receives the BCL MT799, the supplier verifies the buyer’s fiscal strength. Also, will send the POP (Proof of Product) to the buyer’s bank. This is to confirm that the products are readily available in stock to proceed with the shipment. Hereby, SWIFT MT799 proves both the ability to supply goods; at the same time, making payments.
MT760 is the authenticated swift message issued by a bank upon request of its clients for the payment of the supplied goods or services towards the supplier. Further, SWIFT MT760 is involved in the issuance of Standby Letter of Credit, & Bank Guarantee including Advance Payment Guarantee, Performance Bond; also, Bid Bond Guarantee.
Having MT760 indeed certifies the buyer’s creditworthiness and payment skills. For this purpose, suppliers will be more likely eager to work with buyers who are ready to provide MT760 Guarantee, as a payment term.
When it comes to availing MT799 or MT760, usually buyers contacts their banks. Despite this, the banks will not issue such bank instruments without some form of collateral or cash margin.
But we, the trade finance providers in Dubai understand the importance of trade finance for traders and assist them to get the instrument from good repute banks at ZERO cash margin.
Unlike banking sectors and other private lenders, we do not follow the stringent process or lengthy paper works. Rather, our issuance process is very simple & easy. So, that you can avail the required instrument issued in just 2 days by following the simple 5 step process.
Do you require MT 799 to show your financial ability to your seller? Or, are you in need of a MT 760 Guarantee to assure your payment or performance to your supplier or project owner? Whatever your requirements are, you can always rely on us to find out the best solution for your trade finance needs.
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