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MT 747 Amendment to an Authorisation to Reimburse :
Swift is a provider of secure message platform for financial institutions mainly for banks. Swift messages send and received by banks in encrypted forms. As a result swift messages are accepted as a valid and reliable way of communication between banks. For example, an issuing bank send a swift message to an advising bank in order to inform issuance of a documentary credit. Similarly advising banks send their acknowledgement via a swift message. Swift messages play a key role not only in letters of credit but also other payment methods in international trade such as cash in advance payment, documentary collections, open accounts and bank payment obligations.
What is MT 747 Amendment to an Authorisation to Reimburse in trade finance?
MT 747 is a special swift message type that is sent by the bank which has issued an authorisation to reimburse (issuing bank) to the reimbursing bank. It is used to inform the Receiver about amendments to the terms and conditions of the credit relevant to the authorisation to reimburse. The amendment is to be considered as part of the authorisation to reimburse. On below table you can find detailed explanations of fields used under MT 747 Amendment to an Authorisation to Reimburse swift messages.
MT 747 Network Validated Rules
- C1 At least one of the fields 31E, 32B, 33B, 34B, 39A, 39B, 39C, 72 or 77A must be present.
- C2 If either field 32B or 33B is present, then field 34B must also be present.
- C3 If field 34B is present, either field 32B or 33B must also be present.
- C4 Either field 39A or 39B, but not both, may be present.
- C5 The currency code in the amount fields 32B, 33B and 34B must be the same.
MT 747 Usage Rules
• Terms and conditions which are not mentioned in the amendment message remain unchanged.
• The cancellation of an MT 740 Authorisation to Reimburse takes the form of an amendment. The MT 747 must therefore be used.
• There are special fields for amendments to the date of expiry and for increases or decreases in the amount of the documentary credit. All other amendments must be specified in field 77A.
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What does MT 747 Amendment to an Authorisation to Reimburse swift message mean?
MT 747 is a special swift message type that is sent by the bank which has issued an authorisation to reimburse (issuing bank) to the reimbursing bank. It is used to inform the Receiver about amendments to the terms and conditions of the credit relevant to the authorisation to reimburse.
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Keywords
- an issuing bank should discourage any attempt bythe applicant to include copies of contract as integral part of leter of credit
- international contract of sale
- international contract letter of credit
- international sales contract real example
- sale contract and sale invoices
- sales contract with lc
- letter of credit format for construction contract
MT 747 Amendment to an Authorisation to Reimburse
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Status
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Tag
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Field Name
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M
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20
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Documentary Credit Number
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O
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21
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Reimbursing Bank's Reference
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M
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30
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Date of the Original Authorisation to Reimburse
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O
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31E
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New Date of Expiry
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O
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32B
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Increase of Documentary Credit Amount
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O
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33B
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Decrease of Documentary Credit Amount
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O
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34B
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New Documentary Credit Amount After Amendment
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O
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39A
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Percentage Credit Amount Tolerance
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O
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39B
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Maximum Credit Amount
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O
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39C
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Additional Amounts Covered
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O
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72
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Sender to Receiver Information
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O
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77A
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Narrative
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O : Optinal M : Mandatory
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Sample 1 : MT 747 Amendment to an Authorisation to Reimburse SWIFT Message
SWIFT Message
Sender : AMCONL2A
Message Type : 747
Receiver : OELBATSW
Message Text
20 : Sender's Reference
LC543217890
30 : Date of Original Authorisation to Reimburse
130819
31E : New Date of Expiry
131230
32B : Increase of Documentary Credit Amount
USD5000
34B : New Documentary Credit Amount After Amendment
USD55000
End of Message Text/Trailer
- What is Letter of Credit?
- Types of Letters of Credit - Part I
- Types of Letters of Credit - Part II
- Parties to Letters of Credit
- Risks in Letters of Credit
- Basic Letter of Credit Transaction
- Availability of Letters of Credit
- Confirmation and Confirmed Letter of Credit
- Letter of Credit Fees
- Discrepancies
