Messaging Types

The financial services industry is constantly changing, and the pace of change is accelerating rapidly, especially for the payments sector. The industry has witnessed many shifts: from the barter system to cash, from cheques to cards, and from cards to digital banking and payments.

In order to communicate with each other, banks use a messaging system called SWIFT (Society for Worldwide Interbank Financial Telecommunication), which provides a standardized and secure way to exchange information. There are several different types of SWIFT messages that banks use for various purposes.

To learn more about the cross-border B2B payments landscape, Trade Finance Global (TFG) interviewed Ben Ellis, global head of Visa B2B Connect.

The SWIFT MT 799 and SWIFT MT 760 are both widely used in trade finance but have some important differences. If you want to learn about these differences, you’ve come to the right place.

The US and its Western allies have ramped up harsh economic sanctions against Russia, as it continues to attack Ukraine

If your work involves international trade transactions, you will find that one of the most common and useful SWIFT Codes that you will encounter is SWIFT code MT 754.

Trade and supply chain finance provide innovative solutions for the working capital gap faced by growing companies.

How has SWIFT changed, what challenges have they faced and how will they continue reinventing themselves in the highly competitive global payments market? 

SWIFT is a communication platform that allows members to connect and exchange financial messages securely and reliably.

The global leader in cloud payments and financial messaging, Volante Technologies, announces partnership with MDSL to enhance banking payments in Egypt.

Since the inception of UCP 600, trade finance professionals, in particular, the letter of credit community, have been discussing the need for and consequences of modifications and exclusions to the rules in commercial LCs issued under UCP 600.

The need for trade digitization has never been more prevalent than it is today, especially with pandemic-induced restrictions emphasizing the inefficiency of paper-based trade. Our Editor, Deepesh Patel sat down with Contour’s CEO and Chief Product Officer, as well as TradeLens’ Head of Strategy and Operations, to discuss how fintech can come together to partner to solve these problems.

Has digital trade finally arrived with the ICC eRules guidelines? John Dunlop explains how this might be true.

Developing and harmonising existing standards within trade finance is key for digitalising trade.

Since Brexit, UK businesses and their EU clients have been hit with increased euro transaction fees which could potentially cost them millions.