Best Trade Solution

Hello Everyone !
We are a beneficiary of MT710. Our negotiating bank has sent documents against collection to issuing bank by courier. In return Issuing bank is sending MT999 as acceptance of Documents and maturity date. But negotiating bank wants communication in Authenticated Swift.
Kindly guide, how will be communication between Negotiating/second advising bank done in MT752/754/799 when they do not have any RMA with each other?
Should the advising bank send authenticate swift message via first advising bank as done previously with MT700?

Regards

Hi Pal,

old story, IMHO, MT999 is an authentic message not authenticated. Banks that having no a big net of correspondents are aware that it is impossible to receive a third party authenticated message.
However having not received a refusal in due time, i.e. 5 working days after receipt of documents
it is possible to track the parcel with courier or post, see the calendar days in the last pages of Swift
directory or other mean and be quiet....... The same together with your bank .....
Other comment appreciated.
Ciao

Hi,
Advising bank may send his message via first advising bank for authentication purposes.

Hi Pals,

good idea to send/receive Swift messages through the first receiver, frankly I found difficulties and
costs. By receiving an MT999 as acceptance and already elapsed the period of time as per art 16 d,
I will be ok.
Other comments appreciated


PS, we check the Tracking of Courier Company, then the calendar of the Country involved too.

Common banking practice is check internally which branch has RMA with the said bank. Then, request the fellow branch to relay our authenticated message to the said counter-party.
Since KYC procedure is commonly tougher in all banks nowadays, a lot of banks have hard time establishing RMA with other banks.

Regards,