This is needed, for instance, for participation in tenders to confirm that a company has the necessary sum in its bank account. It is a financial instrument confirming that clients or partners possess sufficient funds to fulfill their contractual obligations. It is used for signing agreements with banks and major companies. Proof of funds may be issued for a physical and/or legal entity. It is important to understand that this is not a loan. Funds may not be transferred, exhausted, or used as circulation assets. This type of account can be checked and can be blocked via SWIFT MT760 in favour of a third party. All confirmations and notifications are done only via SWIFT.
