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A bank draft is a convenient and secure instrument for making large payments without having to withdraw cash from one’s account. Bank drafts are guaranteed by financial institutions and can be used by individuals to make payments to third parties.
In most cases, bank drafts can be used to make payments in most currencies. The person receiving the bank draft can deposit it at any bank, just like cash. Bank drafts by most financial institutions do not expire.

First, the individual making the payment submits a request for a bank draft with their financial institution. Once the request is submitted, the bank reviews the individual’s account to see if he or she has sufficient funds to transfer.
The bank draft is issued in the form of a document and is drafted in the name of the individual who will be depositing it and receiving the money. The individual purchasing the bank draft is responsible for ensuring that the bank draft is delivered to the payee.
Bank drafts usually come with a small fee.

A bank draft is difficult to cancel since the funds have already been withdrawn from the buyer’s account and transferred into the bank’s reserve account. However, if the bank can confirm that the bank draft has not been cashed out by the payee, it might agree to cancel the bank draft and refund the buyer’s account.
If the bank draft gets destroyed or stolen before being delivered to the payee, the buyer can go to their bank to get a new draft and cancel the existing one. Similarly, if the transaction gets canceled for any reason, the buyer can request the bank to cancel the draft unless it has already been cashed out by the payee.

A Ready Willing and Able Letter (RWA) is a document issued by a bank or financial institution for their clients.
It demonstrates the intent and capability of the clients to enter into a financial business transaction both legally and financially.
After being issued, the Ready Willing and Able Letter (RWA) is sent to the beneficiary via MT799 SWIFT message.

SWIFT is a vast and secure messaging system that allows banks and other financial institutions from all around the world to send and receive encrypted information, namely cross-border money transfer instructions.
Based in Brussels, Belgium, the Society for Worldwide Interbank Financial Telecommunications, or SWIFT for short, was founded in 1973 by 239 banks from 15 countries as a cooperative in order to create a secure financial messaging system. Today, SWIFT covers 11,000 banks and financial institutions in over 200 countries and territories, with almost 38 million encrypted transactions passing through the system daily.
It is important to remember that SWIFT doesn’t actually transfer money but rather transfers information containing detailed instructions from the paying bank to the receiving bank on what to do. Hence, it is extremely important that the network is secure, reliable, and fast. The SWIFT messaging system is called “SWIFTNet,” and members can access SWIFTNet via permanent leased lines, over the internet, or via the Cloud.