New York Dubai Investment Trust

One of the most efficient and effective systems for conducting international financial transactions was created in the 1970s.  The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, has revolutionized international trade transactions tremendously over the years.  SWIFT messages are standardized and automated to the point that major transactions can occur smoothly with very little effort.  A few of the more common SWIFT messages are explained below.

 

MT-799 - When a seller wishes to confirm that a buyer has the funds that will be necessary to complete a specific transaction; the buyer can have his bank issue an MT-799.  This is a guarantee from the bank that the buyer does current have funds in their account to execute the transaction.  However, there is no hold put on the funds, and they are not earmarked in any way for any specific transaction.  Depending on the language, the MT-799 can be irrevocable, but in its standard format it is not to be considered a bank guarantee or a promise to pay.  It is simply assurance that sufficient funds are currently in the buyer's account to complete the transaction. 

 

MT-760 - This SWIFT message is sometimes referred to as a "cousin" to the MT-799.  The reason is that they are very similar, but with some very important differences.  This message also confirms to the seller that sufficient funds are in the buyer's account, but the MT-760 puts a hold on said funds and earmarks them for the specific transaction.  This completely changes the nature of the MT-760 from just a message between banks to an actual negotiable instrument.   

 

MT-103 - This is the most commonly used SWIFT message, and many have utilized it without even knowing it.  It is not typically referred to as an MT-103, but rather a wire transfer.  When bank customers need to make payments to someone in another country, then an international wire transfer, or MT-103, is sent.

 

CFG has partnered with several financial institutions, as well as private investors, for leased instrument programs that allow us to facilitate a transaction with a small down payment utilizing both major banks and private bank funds. We can facilitate SWIFT messages for anyone including small banks, institutions and corporations. Our financial partner's institutions are able to extend their SWIFT facilities to your entity on a wholesale level, so that you may relay and issue instruments accordingly, as well as have access to large funds for collateral assets.

 

If you have an interest, or wish to acquire more information regarding our products and services, please contact us and we will arrange for a compliance officer to be made available to address any questions that you, or your client may have, and more importantly, to assist you with your current transactional needs.