FAQ

No, ICBPO (Irrevovable Conditional Bank Pay Orders) are now banned and have been made illegal by most governments. BG and SBLC Issuers that continue to ask for ICBPOs as payment are completely out of touch by seeking a form of financial payment that has been made illegal in most countries. A credible financial supplier will not request customers to pay using illegal means eg ICBPO.

No, the arrangement fee must be placed in an Escrow Trust Account before the Cash Account can be opened due to the significant costs incurred to open the account, and to insure mutual protection for both parties. We can arrange a Money Market Account or a Certificate of Deposit at a multi-billion dollar U.S.private equity firm. Written Verification of Deposit (VOD) is available, as well as account statements and access to an on-line account summary. Confirmation letters, verbal and fax verification are also provided. SWIFT MT999 messages to SWIFT SCORE member banks providing account status and transaction details are available at additional cost.

Optionally, the arrangement fee can be deposited in a Trust Account with a licensed third-party escrow agent and the fee is not released until it is confirmed that the account has been opened. In the unlikely event that the account is not opened, the arrangement fee will be returned by the escrow agent to be then released back to the Client.

If, in the unlikely event we fail to open the Cash Account under the provisions of the Term Sheet and the Principal Agreement, the Underwriting Fee is promptly refunded.

Standard terms of any instrument lease is for 30 days; however, custom lengths from 15 days to one (1) year can be arranged. Discounted rates are available for longer term accounts.

The minimum account size Swift Capital Funds provides is $1,000,000 ($1 MILLION USD) and the maximum size is $5,000,000,000 ($5 BILLION USD). We can syndicate larger accounts from our investor pool upon request.

The Cash Account procedure schedule can be seen by clicking here.

Account confirmation with a SWIFT MT999 allows direct-to-bank SWIFT electronic verification for Cash Account requirements and transactional details. This SWIFT format is an appropriate message for communicating Account Status information and it is part of the Common Group of SWIFT formats providing a General Free Format for SWIFT messaging.There is no minimum account size for a SWIFT MT999. Additional costs apply.

Account confirmation with a SWIFT MT799 allows direct-to-bank SWIFT electronic verification for Cash Accounts in compliance with the SWIFT Category 7 “Documentary Credits & Guarantees” message types. Often there is a misconception that a particular circumstance requires a SWIFT MT799 message, when in fact, the SWIFT MT999 format is actually required.

A SWIFT MT760 message type allows direct-to-bank SWIFT electronic communication for the guarantee of the transactional details contained in the message by the financial institution where the client’s account resides.There is no minimum account size for a SWIFT MT760. Additional costs apply.

SCORE is a program that allows SWIFT messages to be sent to participating SWIFT member banks that are located in countries that participate in the Financial Action Task Force (FATF).The FATF is an inter-governmental body whose purpose is the development and promotion of policies, both at national and international levels, to combat money laundering and terrorist financing.

SWIFT provides for a number of different message types and purposes. Each type of SWIFT message is pre-defined and follows a specified format. All SWIFT messages must adhere to these established forms or they will be rejected by the receiving bank.There are nine (9) SWIFT message categories with multiple message types in each. S.W.I.F.T. (“Society for Worldwide Inter-bank Financial Telecommunication”) provides mechanisms for electronic inter-bank messaging and funds transfer. SWIFT messages are used legitimately to conduct business between transactional partners. The SWIFT system was established in the early 1970′s by a group of European banks who until that time had been conducting business together via telex and courier.

The SWIFT MT999 message format is used with the Cash Account we arrange.The message can be transmitted to any SWIFT member bank that is part of the SWIFT SCORE program. SCORE member banks are located in countries that are part of the Financial Action Task Force, which is an inter-governmental body whose purpose is the development and promotion of policies, both at national and international levels,to combat money laundering and terrorist financing. Additional costs apply.

It is a document signed by a company’s or individual’s financial institution that provides verification of the balances in their financial accounts. A written Verification of Deposit will adequately serve the majority of Cash Account requirements. Other types of confirmations done with direct-to-bank SWIFT messages are most commonly used for verifications tied to buy/sell transactions and have special account set-up procedures that are available at additional cost.

Swift Capital Funds can arrange a Money Market Account or a Certificate of Deposit at a multi-billion dollar U.S. private equity firm. Written Verification of Deposit (VOD) is available, as well as account statements and access to an online account summary. Confirmation letters, verbal and fax verification are also provided. SWIFT MT999 messages to SWIFT SCORE member banks providing account status and transaction details are available at additional cost.