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11/25/2011 / FLASH / CASH MANAGEMENT - CORPORATES
Crédit Agricole CIB, the 1st bank to offer its corporate clients electronic guarantees via SWIFTNet
Crédit Agricole CIB has teamed up with Alcatel-Lucent to establish an electronic bank guarantees process via the MT 798 communications channel.
Based on the SWIFTNet Trade for Corporates standard, this new process delivers improved process efficiency and scalability for the delivery of complex projects throughout the world. For the management of guarantees, the MT 798 allows clients to select independent software solutions and to implement truly end-to-end processes.
It is the first step toward establishing standardised, multi-bank solutions to the needs of trade finance actors in guarantees and/or import documentary credits or in export documentary credits.
Achieving process efficiency and scalability
Today there are few tools to optimise electronic bank guarantees. Alcatel-Lucent determined to implement a re-engineering project of their workflow of guarantees issuances, having as requirements:
- a standard format for structuring information,
- a solid tool for on-line management,
- a cost-effective channel to connect with more than hundred banks.
The company has chosen the solution SWIFTNet Trade for Corporates.
SWIFT indeed offers MT 798 trade finance messaging standards for guarantees and letters of credits, along with different connectivity options, and with the messaging services FIN and FileAct that are already in use for Cash Management.
The SWIFTNet Trade for Corporates standard allows:
- the use of multi-banking trade finance solutions which are not tied to any one technology or any one service provider,
- the transfer of one or more scanned attachments via FileAct, in parallel of the structured data contained in the FIN MT 798.
“For Crédit Agricole CIB, MT 798 is more than a technological choice: it is a business enabler. Among the 22 banks in the process of adopting SWIFT’s MT 798, Crédit Agricole CIB is the first bank to offer their corporates the management of guarantees using MT 798. The Bank aims to roll out its electronic guarantee service for other customers, starting in Europe and then in other global markets.” says Christophe Clévenot, Head of Product Development at Crédit Agricole CIB.Alcatel-Lucent will also replicate this solution with its other banking partners as the next step in enhancing the efficiency and scalability of its guarantees and financial oversight processes.
Crédit Agricole CIB - a key banking partner of Alcatel-Lucent - is a leading provider of guarantees and documentary credits.