Are you anticipating purchasing a new home, investing in a commercial company, or engaging in another large-scale transaction? When banks become involved in transactions, it’s always helpful when purchasers provide adequate proof via SWIFT messages that they have sufficient funds to transfer to sellers.
Verifications and bank guarantees greatly protect the interests of issuers, as well as other parties involved in transactions. Whether you’re looking for SWIFT message services, or require a bank proof of funds letter, Los Angeles bank guarantee providers can aid you in securing your financial endeavors.
About MT999 Messages
One of several types of SWIFT messages is an MT999, which is basically an electronic verification made between banks, informing the receiving bank that necessary funds are in the purchaser’s account. Issuing an MT999 is done electronically, and is therefore much faster than filing verification documents and waiting for them to arrive at the receiving bank. Choosing an electronic notification, such as an MT999, to prove you have substantial funds will also reduce the amount of time you have to freeze money to cover a scheduled transaction.
Meaning of an MT760
Another commonly used message in banking is an MT760. This type of guarantee is normally issued by a bank before a transactional contract is signed and a proof of funds letter is provided. In short, an MT760 bank guarantee exists to protect the interests of beneficiaries in trade financing, lending, and other types of transactions. When one is issued, a hold is put on a specific portion of the money stored in a purchaser’s bank account, making the funds available to be transferred to an issuer’s account.
Verification via an MT799
An MT799 is used to communicate information from one bank to another, but in its usual form, it’s not necessarily a bank guarantee. Essentially, an MT799 serves as a simple confirmation to a seller, notifying them that a transaction is scheduled and the funds are available to cover to the cost. However, an MT799 doesn’t reassure a seller that the transaction will occur for certain, as it can be cancelled if necessary. MT799 messages are simply sent between banks as an informative action and as a precursor to a secure transaction.
