Financial Business Service
Other swift messages
Rwa
Ready, willing and able messages
Also known as a bank comfort letter, RWA is a document issued by a bank or a financial institution on the clients’ behalf showcasing the capability and willingness of him or her to enter into the financial
Proof of Fund (POF)
Proof of funds is a document or bank statement that showcases the financial capability of a person/company to undertake the transaction. With this, the other party or the parties will easily be able to get ensured of financial capability required for the transaction is procurable and legitimate. POF is mostly used when large sums of money is involved in transactions like biddings and investments.
What is ready willing and able?
Also known as a bank comfort letter, RWA is a document issued by a bank or a financial institution on the clients’ behalf showcasing the capability and willingness of him or her to enter into the financial transaction.
Bank Confort Letters
A bank comfort letter is a letter of confirmation issued by the bank on behalf of their client assuring that he or she has sufficient funds to complete the business deal as pre-agreed. It is used mostly in huge commodity contracts when the seller would like to get assured of the financial capability of the buyer before proceeding further in the contract. However, this doesn’t imply any assurance of payment. The statement is based on facts and doesn’t make the bank obligated to any financial commitment.
Pre-Advise 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 sends their acknowledgement. The main objective of the message is to reconfirm all the details provided by the recipient is correct before the wire transfer and get assured that the beneficiary has a way to withdraw money from the bank. The advising bank will also notify the beneficiary without opening advice of credit thus enabling the seller to reconfirm to process the buyer’s order.
