SWIFT MT799 messages are mostly used for showing proof of funds or proof of deposits. More often than not, the MT799 is issued right before a contract is signed and/or before a letter of credit or bank guarantee is issued.


MT799 Proof Of Funds

A Proof of Funds is a document demonstrating that the client has a certain financial capacity. Different formats may include bank letters, TELEX or SWIFT confirmations, phone/fax verification, Certificates of Deposit (CD’s), and/or account or custody statements. The purpose of the document is to ensure that the funds required for the transaction are obtainable and legitimate.

Zenith, LLC is highly experienced with the provision of funding advice. We specialize in assisting those clients whose existing bank facilities are unable to meet their requirements. Usually, we do not require collateral and no fees are charged without the proper instrument being issued.

What is MT799

MT799 is a simple text message, sent bank to bank. This is used for a bank to bank proof of funds, only. The MT799 is not a form of payment and it is not a bank undertaking or promise to pay. It is simply a bank to bank confirmation of the funds on deposit, nothing more.

Proof Of Funds service is not a loan but is a perfect, inexpensive and fast way to add strength to your current financial profile, show reserves or buy time in your transactions.

Common Swift terminology is MT799

Different formats may include bank letters, phone/fax verification, online account access, verification of deposit form (VOD), bank to bank Swift, Certificates of Deposit (CD’s) and/or account statements.

No Upfront Fees

We can arrange MT799 Proof of Funds for our clients with no upfront payment until POF is actually issued and confirmed by receiving bank. This is done on a fixed-return basis to facilitate various funding requirements, providing you the capability to meet on-going project needs. The investment process is simple and secure and can be completed in as little as five (5) banking days.

We can arrange to fund various types of accounts for a broad range of requirements. All accounts are verifiable through written verification of deposit, with other confirmation options available including verbal and electronic verification. Special accounts are also available providing confirmations using MT999, MT799, and MT760 message formats. The rate of return requirements varies, depending on the volume of funds provided and the verification type needed.

When trading, there are several documents and forms required by both parties. One of the more commonly requested, but the lesser understood document is the MT799. Many suppliers will request that the buyer issue an MT799 before they provide proof of product, or proceed beyond the initial stages of the deal. For new traders who are not familiar with international banking systems, this can be a rather confusing request. This article provides information on the SWIFT system, as well as on the MT799 POF.

MT799 Insight

MT799 is a free format SWIFT message type in which a banking institution confirms that funds are in place to cover a potential trade. This can, on occasion, be used as an irrevocable undertaking, depending on the language used in the MT799, but is not a promise to pay or any form of bank guarantee in its standard format. The function of the MT799 is simply to assure the seller that the buyer does have the necessary funds to complete the trade.

In some cases MT799 is usually issued before or after a contract is signed, and before a letter of credit or bank guarantee is issued. After the MT799 has been received by the seller’s bank, it is then normally the responsibility of the seller’s bank to send a proof of product (POP) to the buyer’s bank, at which point the trade continues towards commencement.

The actual payment method commonly used is a documentary letter of credit, which the seller presents to the issuing or confirming bank along with shipping documents. Once the bank confirms the documents, the seller is then paid. An alternative method is to use a bank guarantee in place of a letter of credit. It is normally at the seller’s discretion which method of payment is used.

Commodity Trade Finance

We can provide MT799 POF

The truth still remains that some banks don’t accept to have an MT799 POF issued to seller’s bank when their clients approach them. Some banks are reluctant to issue MT799, as these make them liable for the full cost of the trade, which can sometimes be in the millions. A bank will normally not issue an MT799 without some form of collateral to secure their own interests. MT799 POF is a key instrument used to convince a supplier that buyer actually has funds on deposit.

The MT 799 is a swift message used between banks to communicate in written form, and is usually referred to as “pre-advice”.  For example, buyer’s bank may send a MT799 to Seller’s bank stating; We confirm SPECIFIC amount on deposit and are ready to block this amount via MT760 in favor of buyer at your bank.  Please confirm readiness and receipt. Typically, the MT 799 will be needed directly before the MT760 is issued.

Proof Of Funds Service MT799

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