Citi now uses Swift’s MT 798, allowing corporates to communicate trade flow information to multiple banks in one single message.

The system eliminates the need for Citi’s clients to access the proprietary platforms of each Swift-enabled bank, improving corporate efficiency.

“Trade banks are embracing the move toward shared multi-banking platforms,” says Fran Martell, global capabilities product manager at Citi. “We are listening to our clients as we embrace the MT 798 and evaluate similar solutions for open account and related financing.”

André Casterman, Swift’s head of corporate and supply chain markets, adds: “Use of MT 798 removes the complexity of running multiple platforms for a common purpose. This also translates into cost savings and avoids vendor lock-in.”