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MT 768 Acknowledgement of a Guarantee / Standby Message :











Swift is a provider of secure message platform for financial institutions. Swift is used mainly by banks. Swift messages have been 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 swift platform. Swift messages play a key role not only in letters of credit but also other payment methods in international trade such as bank guaranteescash in advance paymentdocumentary collections, open accounts and bank payment obligations.

What is MT 768 Acknowledgement of a Guarantee / Standby Message in trade finance?

MT 768 is a special swift message type that is used by a bank which has received a guarantee to the bank which issued the guarantee or an amendment thereto. Banks send their acknowledgement of receipt of any message relating to a bank guarantee or a standby letter of credit with a MT 768 Acknowledgement of a Guarantee / Standby Message swift message type. On below table you can find detailed explanations of fields used under MT 768 swift messages. You can reach a detailed page for each field by clicking the corresponding links.












MT 768 Network Validated Rules
  • C1 Either field 25 or 57a, but not both, may be present.
  • C2 If field 32D is present, field 57a must not be present.
  • C3 If field 71B is present, field 32a must also be present.

MT 768 Acknowledgement of a Guarantee / Standby Message rules in trade finance?
  • This message type is sent by a bank which has received a guarantee to the bank which issued the guarantee or an amendment thereto. It may also be sent by a bank which has been requested to issue a guarantee to the bank which requested the guarantee or an amendment thereto.
  • It is used to acknowledge receipt of any message relating to a guarantee and, where applicable, to indicate that action has been taken according to the instructions.
  • This message may also be used for Standby Letters of Credit.
  • The Sender's charges may also be accounted for in this message.

Sample MT 768 Acknowledgement of a Guarantee / Standby Message: 

Narrative: On 20 August 2014, Bahamas Bank Corporation, Detroit, acknowledges to Iron Bank of Braavos, London (reference 123BROVLD), receipt of the amendment to the issue of Performance Guarantee No. PG20140102, as well as the beneficiary's acceptance of the amendment.

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What does MT 768 Acknowledgement of a Guarantee/Standby Message swift message mean? 
MT 768 is a type of swift message which is used by banks when acknowledge receipt of any message relating to a guarantee and, where applicable, to indicate that action has been taken according to the instructions. MT 768 swift message is sent by the by a bank which has received a guarantee to the bank which issued the guarantee or an amendment thereto. You can find detailed information about MT768 and its sub-fields on this page.



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Keywords

  • Issues or requests the issue of a guarantee
  • Amends a guarantee which has been previously issued or requests the amendment of a guarantee which the Sender has previously requested to be issued
  • Acknowledges the receipt of a guarantee message and may indicate that action has been taken according to instructions
  • Advises that a bank has been released of its liability for aspecified amount under its guarantee




MT 768 Acknowledgement of a Guarantee / Standby Message
Status
Tag
Field Name
M
20
Transaction Reference Number
M
21
Related Reference
O
25
Account Identification
M
30
Date of Message Being Acknowledged
O
32a
Amount of Charges
O
57a
Account With Bank
O
71B
Details of Charges
O
72
Sender to Receiver Information
O : Optinal           M : Mandatory
SWIFT Message
Sender : SBCOUS66
Message Type : 768
Receiver : NWBKGB2L
Message Text
Transaction Reference Number 20 : 123BROVLD
Related Reference 21: AG5559823
Date of Message Being Acknowledged 30 : 140815
Sender to Receiver Information 72 : AMENDMENTS HAVE BEEN ACCEPTED BY BENEFICIARY
End of Message Text/Trailer

  1. The reference of the message being acknowledged.
  2. Date of the message being acknowledged.
  3. Sender to receiver information, indicating beneficiary acceptance of the amendment.
1
2
3