Field 59: Beneficiary

Article 59: Beneficiary is a field under the MT 700 Issue of a Documentary Credit swift message. This field indicates the party in favour of which the documentary credit is being issued.

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What is Field 59: Beneficiary?

Field 59: Beneficiary is a field in MT 700 swift message type that is used to specify the party in favour of which the documentary credit is being issued.

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.

Beneficiary means the party in whose favour a credit is issued.

Presenter means a beneficiary, bank or other party that makes a presentation.

A beneficiary can in no case avail itself of the contractual relationships existing between banks or between the applicant and the issuing bank.

Except as provided in sub-article 29 (a), a presentation by or on behalf of the beneficiary must be made on or before the expiry date.

MT 700
Field 59: Beneficiary:
This field specifies the party in favour of which the documentary credit is being issued. Beneficiary is the exporter of the underlying contract.