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BANK RELATED DOCUMENTS

BANK RELATED DOCUMENTS

SWIFT:
SWIFT is the coded means by which banks transfer funds and documents through wire process. What Is SWIFT? SWIFT is the Society for Worldwide Interbank Financial Telecommunications. This organization operates a closed network which operates between banks and financial institutions for the purposes of exchanging messages relating to financial information. READ MORE CLICK HERE


SWIFT CODE MT760 AND SWIFT MT799
The MT760 is a type of SWIFT message that is sometimes requested in trading because it functions much like a Bank Guarantee. Essentially, a MT760 is a SWIFT message which guarantees that a bank will make payment in favour of a client of another bank. READ MORE CLICK HERE


STANDBY LETTER OF CREDIT 
Standby LCs are used as a form of guarantee to cover default by a Buyer; The Buyer pays directly for goods ordered and, only in the event of non-payment by the Buyer, does the Seller claim under the Standby LC. READ MORE CLICK HERE

  
SWIFT CODE MT103
SWIFT MT-103’s is the most commonly used form of SWIFT communications, and one which many people will have utilized without even knowing it. For most bank customers, they are known not as MT-103’s at all, but rather as wire transfers, telegraphic transfers, or SWIFT transfers. A SWIFT MT-103 is used by the bank when its customers wish to make payment to customers of another bank in another country. READ MORE CLICK HERE


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