SWIFT Closing Process with Bank Payment Undertaking (BPU): 

Procedure for Bank Proof of Funds (POF) Issuance

The Beneficiary and the Provider initiate their agreement by signing the Memorandum of Understanding (MOU) and the Letter of Intent (LOI), formally entering into a contractual relationship.

Steps in the POF Issuance Process

1. Agreement Endorsement by the Provider Bank:

   • On the next business day, the Provider’s bank endorses the agreement, enabling payment to the Beneficiary for:
     • Swift delivery of MT799 and MT999.
     • Beneficiary verification.
     • Compliance assessment coordinated by the bank.

2. Beneficiary’s Initial Payment:

   • Within two (2) international banking days, the Beneficiary instructs their bank to wire transfer the Swift transmission/portfolio reservation cost (€XXX,XXX) to the Provider’s designated bank account.
   • The Beneficiary emails a copy of the wire transfer receipt to the Provider.

3. Bank Instrument Issuance:

   • Within three (3) banking days of receiving the payment, the Provider instructs their issuing bank to prepare the Bank Instrument for the Beneficiary and schedules its delivery to the Beneficiary’s bank.

4. MT799 Pre-Advice:

   • Within ten (10) banking days, the Provider sends an MT799 Pre-Advice to the Receiver’s bank stating:
     “Are you ready to receive the POF via SWIFT, verify, and pay by SWIFT MT103 in five (5) calendar days according to Transaction Code No. _______________?”
   • A copy of the MT799 is provided to the Beneficiary by email.

5. Receiver’s Bank Confirmation:

   • Within three (3) banking days, the Receiver’s bank responds via MT799:
     “Yes, Confirmed, we are ready to receive POF via SWIFT MT199 or MT999 with Bank Instrument, verify, and pay by SWIFT MT103 in five (5) calendar days according to Transaction Code No. _______________.”
   • A copy of the MT799 is shared with the Provider by the Beneficiary.

6. Delivery of POF:

   • The Provider’s institution sends the POF through SWIFT MT799 or MT999 within three (3) banking days.

7. Payment by Receiving Bank:

   • Upon receiving the POF, the receiving bank confirms with the Provider’s bank and pays within five (5) days. The payment includes:
     • An 8% total fee (minus the initial deposit).
     • A 2% consultant fee.

8. Subsequent Transactions:

   • Additional tranches follow the same procedures until all funds are depleted.

Required Documents

• Complete the Bank Instrument Application Form.
• Email the completed application to: [email protected].

Compliance Standards

Accepted Standards:

• Clients must adhere to all procedural requirements and provide accurate application information.

Rejected Standards:

• Submitting forbidden instruments or assets.
• Inability to pay the required deposit.

Important Information

• Non-Negotiable Terms:

  • Pricing and procedures for POF services are fixed.
  • No free POF or post-delivery payment options are available.

• Payment Requirement:

  • POF delivery (MT799, MT999, or Hard Copy) is contingent on full payment. Banks require secured funds before issuing POF and do not operate on unpaid assurances.

• No RWA or BCL Letters:

  • Exeter Group of Companies LLC does not issue Ready, Willing & Able (RWA) or Bank Comfort Letters (BCL), which are often misused for credit line applications.

• Secure Payments:

  • Payments are exclusively handled through an attorney’s client trust account. Exeter Group is not liable for any payments made to third parties, including brokers or delegation offices.

For secure and professional POF services, Exeter Group is your trusted partner.