Other swift messages
Being one of the fastest growing trade instrument providers in Dubai & India at Express Trade Finance, we provide various swift messages in different trade scenery.
Proof of Fund (POF) Messages
Proof of Funds (POF) messages are communications or documents provided by a financial institution or individual to demonstrate that they have the necessary funds available to complete a transaction or fulfill a financial obligation. These messages typically include bank statements, letters from financial institutions, or other official documents that verify the availability of funds.
POF messages are often required in various financial transactions, such as real estate purchases, investment opportunities, or business deals, to assure the receiving party that the funds needed for the transaction are legitimate and accessible. They play a crucial role in building trust and credibility between parties involved in financial transactions.
Ready, Willing and Able (RWA) Messages
Ready, Willing, and Able (RWA) messages are communications used in financial transactions to indicate a party's readiness, willingness, and ability to enter into a contract or fulfill a financial obligation. These messages typically affirm that the individual or entity has the necessary resources, capacity, and intent to proceed with a proposed transaction.
RWA messages may be exchanged between parties involved in various financial activities, such as trade finance, investment opportunities, or project financing. They serve as a formal declaration of readiness to engage in a transaction and can help facilitate negotiations and transactions by providing assurance of the party's commitment and capability to proceed.
Bank Confirmation Letter (BCL)
A Bank Confirmation Letter (BCL) is a document issued by a bank or financial institution upon the request of a client. It serves as formal confirmation of the client's financial standing and the availability of funds or credit facilities. BCLs are often used in international trade, finance, and investment transactions to provide assurance to counterparties or beneficiaries that the client has the necessary financial resources to fulfill their obligations.
The letter typically includes details such as the client's account balances, credit lines, or other financial commitments as of a specific date. BCLs are considered a reliable form of proof of financial capability and are commonly requested by counterparties, financial institutions, or regulatory authorities as part of due diligence processes or transaction requirements.
Pre-Advice Messages
A pre-advice message is a message sent between two banks that are involved in a transaction to ensure the safety of the wire transfers when large sums of money are involved. It is issued by one bank to another bank notifying the issuance of documentary credit and advising receiving bank to send their acknowledgement.
Other Swift Messages Issuance Procedure
1. In order to finalizing the draft , we need following documents/ information.
i. Filled-in Application form/ Proforma Invoice or Sales Contract
ii. Company Trade License
iii. Passport copy of the owner and shareholders
iv. Last three months bank statement
v. One-year audited financials
vi. Shareholding List
2. After acquiring all the above documents/information, we will assist the client in selection of the issuing bank/financial institution and assist in finalizing the draft for client’s review.
3. Upon receiving the draft copy of the instrument, client must thoroughly review the draft for any corrections, additions or removal of information. Should there be any amendments, we can assist in amendment of the draft accordingly to match clients’ preferences. Once the draft is approved by all the related parties, client will need to send us a copy of the draft with authorized signatory’ sign and company stamp on the draft as client’s approval along with an email confirming the same.
4. We will raise the invoice for the charges agreed and client will make the remittance against the invoice.
5.Only after we receive the payment for the raised invoice, we will assist on following with the issuing bank/financial institution consulted and provide assistance in issuing the instrument through swift/courier within 7 working days depending the issuing bank/financial institution policy.
6. Simultaneously we will assist the client in receiving the issued copy through email for reference and record keeping.
Note: : The issuing charges would depend on the amount of the instrument required, the type of the
instrument, the issuing bank selected for issuance and the beneficiary bank to which it is to be delivered.