Glossary

MT799 Explained

In dealing in Bank Guarantees (Demand Guarantees) and Letters of Credit (Documentary Credits), one may hear the phrase ‘MT799’. This is the SWIFT message type banks use to send authenticated free-format messages securely. Inter-communicating banks may use this Message Type on their SWIFT systems to communicate various types of messages and offer pre-advice of intended transactions. This Message Type is free format, allowing the Operator to type various messages freely connected with MT700 communications, i.e. Documentary Credits and Guarantees.

It is important not to get caught up in inter-bank jargon, and we would advise that this phrase is not used when discussing Bank Guarantees as it concerns neither the client nor the recipient. Its meaning is strictly inter-bank communication and nothing else.