Process optimisation using SWIFT MT 798 and TradeConnect
Export-oriented companies are familiar with this: the commissioning and processing of the document business is labour-intensive, requires many work steps and a relatively large amount of documentation. While automation has long since found its way into companies’ payment transactions, there have been no technological innovations in Trade Finance for a long time.
But with MT 798, SWIFT has now developed a communication standard for import and export letters of credit, guarantees and stand-by LCs over the last few years, which is driving forward digitisation in Trade Finance considerably. For companies that either don’t want or don’t require a SWIFT connection, UniCredit Bank Austria provides TradeConnect, which has proven to be successful with many clients in recent years. Both MT 798 and TradeConnect enable process optimisation and thus an increase in efficiency through the digitalisation of communication between a company and UniCredit Bank Austria.