What is an MT799 FORMAT?

An MT799 is a type of SWIFT message format used for secure communication between banks, primarily for conveying free-format messages related to financial transactions. It is often utilized for pre-advising or confirming the details of a financial transaction, such as a letter of credit or a bank guarantee, without the binding nature of a formal instruction. The MT799 allows banks to share important information while ensuring confidentiality and security in the communication process.