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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.

SWIFT MT 798

SWIFT MT 798 Standard
Multibank-enabled communication between corporates and banks

For which companies is the MT798 service suitable?
  • Customers with a large number of transactions (guarantees, LCs)
  • Companies that work with several banks in the Trade Finance sector (multibank-enabled system)
  • Customers who are interested in process optimisation (automatic import of data into the ERP system)
  • International companies with subsidiaries in different countries (Subsidiaries’ Management)
  • Customers who want secure data transfer (host-to-host, SWIFT)
Requirements
  • The customer needs a connection to SWIFT and...
  • ... their own BIC code.
  • A SWIFT Service Bureau or SWIFT will take direct care of the connection and BIC address
  • Various treasury software providers and special Trade Finance platforms can also establish a connection
Advantages
Multibank-enabled
  • a single channel to communicate with all banks
  • several software providers offer suitable solutions (Treasury Management Systems)
Digitalisation and process optimisation
  • all communication between customers and banks is electronic
  • 24 hour access to the system
  • Integration into the customer’s ERP system (e.g. SAP)
  • Transfer of information to the customer in real time
  • Improved controlling and reporting (e.g. using settlement messages)
Operational Risk
  • Reduced operational risk due to less manual intervention
  • Secure transmission through the SWIFT network
  • Continuous automatic checks throughout the entire process

TradeConnect

TradeConnect is an add-on module to BusinessNet that enables you to process your trade finance transactions entirely electronically with Bank Austria. TradeConnect supports you in the creation, administration and handling of the following products:

  • Letters of credit (export and import)
  • Documentary collection (export and import)
  • Foreign bill collection (export and import)
  • Domestic guarantees
  • Foreign guarantees

Of course, products such as back-to-back letters of credit, non-recourse financing and transfers of letters of credit are also included. TradeConnect can also provide you with an overview of your trade finance transactions and their evaluation at any time.

Requirements:

All you need to use TradeConnect is a PC with an Internet connection. As a registered BusinessNet user you can use TradeConnect immediately after concluding the corresponding agreement and activating your signatory. There are no further costs for you.

Advantages:
TradeConnect...
  • ...enables you to process the entire Trade Finance product range electronically.
  • ...enables us to offer you the Trade Finance products at a lower price.
  • ...works with real time communication to optimise the flow of information.
  • ...offers you an integrated sample management.