What is Field 42p in LC?
DEFINITION. This field specifies the payment date or method for its determination in a documentary credit which is available by deferred payment only.
What is mt in letter of credit?
MT 700 is a special swift message type that is used by issuing banks when issuing a letter of credit. An issuing bank sends the terms and conditions of the documentary credit with a MT 700 Issue of a Documentary Credit swift message type. MT 700 message is sent by the issuing bank to the advising bank.
What are the fields in LC?
MT 700 Format Specifications
| Status | Tag | Field Name |
|---|---|---|
| M | 27 | Sequence of Total |
| M | 40A | Form of Documentary Credit |
| M | 20 | Documentary Credit Number |
| O | 23 | Reference to Pre-Advice |
What is field 42C in LC?
What is Field 42C: Drafts at? Field 42C: Drafts at is a field in MT 700 swift message type that is used to to specify the tenor of drafts to be drawn under the documentary credit. This is an optional field. This field specifies the tenor of drafts to be drawn under the documentary credit.
What is field 44f in LC?
DEFINITION. This field specifies the port of discharge or airport of destination to be indicated on the transport document.
What is field 53a in LC?
DEFINITION. This field specifies the name of the bank which has been authorised by the Sender to reimburse drawings under the documentary credit. This may be a branch of the Sender or the Receiver, or an entirely different bank.
What is the meaning of MT 700 Swift?
Issue of a Documentary Credit
MT 700 Issue of a Documentary Credit This message is sent by the issuing bank to the advising bank. It is used to indicate the terms and conditions of a documentary credit that has been originated by the Sender (issuing bank).
What is field 58a in LC?
58a “Requested Confirmation Party”. This field is to be completed when the code CONFIRM or MAY ADD is inserted in field 49 AND field 57a ‘Second Advising Bank’ is completed. If field 57a is not completed, the instruction in field 49 will apply to the receiving bank. SWIFT comment – This field is optional for senders.
What is 40A in LC?
Field 40A: Form of Documentary Credit is a field in MT 700 swift message that is used to indicate the form of the letter of credit. This is a mandatory field, which means that it must be stated in all of the letters of credit issued via MT 700 swift format. This field specifies the type of credit.
What is 33B in mt707?
33B. Decrease of Documentary Credit Amount.
What is an MT 760?
MT760 is a message used for issuing or requesting a Letter of Credit or Documentary Credit. Both are a type of inter-bank message that are used on the SWIFT system so that financial institutions can correspond.
What is field 54a in swift?
:54a::Receiver’s correspondent Use this field to indicate the financial institution that has been designated by the ordering institution as the final beneficiary of the funds.
What is the meaning of 42m in MT 700?
Article 42M: Mixed Payment is a field under the MT 700 Issue of a Documentary Credit swift message. This field is used to specify the payment dates, amounts and/or method for their determination in a documentary credit which is available by mixed payment. What is Field 42M: Mixed Payment?
What is the field 42m used for?
This field is used to specify the payment dates, amounts and/or method for their determination in a documentary credit which is available by mixed payment. What is Field 42M: Mixed Payment?
What is field 42m in the document credit form?
Field 42M: Mixed Payment specifies the payment dates, amounts and/or method for their determination in a documentary credit which is available by mixed payment. This is an optional field.
What is the 42M field in a SWIFT message?
Field 42M: Mixed Payment Article 42M: Mixed Payment is a field under the MT 700 Issue of a Documentary Credit swift message. This field is used to specify the payment dates, amounts and/or method for their determination in a documentary credit which is available by mixed payment.