MT 710 Advice of a Third Bank's or a Non-Bank's Documentary Credit :

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 paymentdocumentary collections, open accounts and bank payment obligations.

What is MT 710 Advice of a Third Bank's or a Non-Bank's Documentary Credit in trade finance?
MT 710 is a special swift message type that is used by an advising bank, which has received a documentary credit from the issuing bank or the non-bank issuer, to the bank advising the beneficiary or another advising bank.  Advising banks use MT 710 Advice of a Third Bank's or a Non-Bank's Documentary Credit swift message type to advise the receiver about the terms and conditions of a documentary credit.  On below table you can find detailed explanations of fields used under MT 710 swift messages

MT 710 Advice of a Third Bank's or a Non-Bank's Documentary Credit rules in trade finance
  • When the documentary credit message exceeds the maximum input message length, additional documentary credit information should be transmitted via one or more MT 711s. Up to three MT 711s may be sent in addition to the MT 710.
  • Unless otherwise specified, a documentary credit advised to the beneficiary or another advising bank based on a SWIFT message constitutes an operative credit instrument.
  • For freely negotiable documentary credits, if the Receiver does not further transmit the credit by another MT 710, it must add sentences to the effect that:
                The advice to the beneficiary must be presented at each negotiation.
                The negotiating bank must note each negotiation on that advice.
  • To avoid misunderstandings, where possible, banks are to use Bank Identifier Codes rather than expressions such as ourselves ,yourselves ,us, or you.
  • If this message is used to advise a non-bank issued documentary credit, field 50B must be present.
  • The advising bank must advise a documentary credit, including all its details, in a way that is clear and unambiguous to the beneficiary.
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What does MT 710 Advice of a Third Bank's or a Non-Bank's Documentary Credit swift message mean? 
MT 710 is a type of swift message which is used by banks when advising a third bank's letter of credit. You can find detailed information about MT710 and its sub-fields on this page. keep reading...

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          MT 710 Network Validated Rules
  • C1 Either field 39A or 39B, but not both, may be present
  • C2 When used, fields 42C and 42a must both be present
  • C3 Either fields 42C and 42a together, or field 42M alone, or field 42P alone may be present. No other combination of these fields is allowed.
  • C4 Either field 44C or 44D, but not both, may be present
  • C5 Either field 52a "Issuing Bank" or field 50B "Non-Bank Issuer", but not both, must be present