The Complete Guide to SWIFT MT 798: The Corporate Trade Envelope
SWIFT MT 798: A Complete Guide to the Corporate Trade Envelope
SWIFT MT 798—known as the “corporate trade envelope”—streamlines documentary credits, bank guarantees and standby letters of credit workflows across multiple banks. It replaces proprietary portals with a single, secure messaging channel, cutting error rates and cycle times in trade finance operations.
1 Why MT 798? Key Benefits
- Multi-Bank Support: One MT 798 message reaches all your banks—no separate portals required.
- Consolidated Visibility: See outstanding LCs, guarantees and SBLC drafts in real time.
- Standardised Process: Unified application, issuance, amendments and discrepancy handling.
- Integration Ready: FIN or FileAct interfaces feed your ERP or Treasury Management System.
- Audit Trail: Reference-numbered sub-messages create a clear compliance record.
2 MT 798 Channels: FIN vs FileAct
Corporates use SWIFTNet’s SCORE to send MT 798 via two channels:
- FIN: Structured MT messages (770–799) for automated processing.
- FileAct: Large or unstructured attachments—drafts of bank guarantee or standby letter of credit, invoices, certificates.
3 MT 798 Sub-Messages & Workflows
An MT 798 envelope contains one or more sub-messages, each with a specific purpose:
| Sub-Message | Tag | Purpose |
|---|---|---|
| Application | 770 | Corporate applies for LC, guarantee or SBLC draft. |
| Issuance Advice | 771 | Bank confirms issuance (similar to MT 700/760). |
| Amendment Request | 772 | Corporate requests changes (wraps MT 707/767 details). |
| Amendment Advice | 773 | Bank advises amendment (wraps MT 707/767). |
| Amendment Acceptance | 736 | Corporate accepts or rejects amendment. |
| Discrepancy Advice | 748 | Bank flags document discrepancies (wraps MT 754). |
| Payment Advice | 753 | Bank notifies payment or claim settlement. |
Source: SWIFT MT 798 standard mapping.
4 Drafting Bank Guarantee & SBLC Drafts
When preparing a bank guarantee draft or standby letter of credit draft, include ICC rule references (URDG 758 or ISP 98), beneficiary details and draw conditions in fields 46A/46C/47A. Embed this text in sub-message 770 or attach as FileAct under the appropriate category.
5 Handling Amendments with MT 767
MT 767 is used by banks to amend guarantees and SBLCs (amount, expiry, beneficiary). In MT 798, a corporate submits an amendment request via sub-message 772 (wrapping MT 767), and the bank responds with sub-message 773.
6 Implementation Essentials
- SWIFTNet Connection: BIC registration; enable FIN and FileAct.
- SCORE Onboarding: Register as a corporate for MT 798 traffic.
- Middleware: SWIFT-certified software or in-house parser for MT messages.
- Security: Maintain tokens, sanction-screening and ISO 20022 standards.
Many banks report a 30% reduction in issuance cycle time after automating MT 798 workflows.
7 Frequently Asked Questions
Q: How does MT 798 differ from MT 700/760?
MT 700 and MT 760 are bank-to-bank messages for LCs and guarantees. MT 798 is a corporate-to-bank envelope that carries those functions plus corporate applications and amendment requests, simplifying multi-bank operations.
Q: Can I amend an SBLC via MT 798?
Yes. Submit an MT 798<772> amendment request and the bank will issue an MT 798<773> amendment advice.
Q: Do I need FileAct if I use FIN?
FIN handles structured messages. FileAct is optional for large attachments (draft documents, invoices). Using both offers maximum flexibility.
Q: Which channel is best for high-volume trade?
FIN MT 798 offers automation and low latency; FileAct is for document-heavy tasks. Most corporates use both.
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