What is Field 49: Confirmation Instructions?
Field 49: Confirmation Instructions is a field in MT 700 swift message type that contains confirmation instructions for the Receiver.
This is a mandatory field.
According to current letter of credit rules;
- confirmation means a definite undertaking of the confirming bank, in addition to that of the issuing bank, to honour or negotiate a complying presentation.
- confirming bank means the bank that adds its confirmation to a credit upon the issuing bank’s authorization or request. As a result banks can not add their confirmations to the letter of credit without having a confirmation request by the issuing banks.
- a confirming bank is irrevocably bound to honour or negotiate as of the time it adds its confirmation to the credit.
MT 700
Field 49: Confirmation Instructions:
DEFINITION
This field contains confirmation instructions for the Receiver.
CODES
- One of the following codes must be used.
- CONFIRM The Receiver is requested to confirm the credit.
- MAY ADD The Receiver may add its confirmation to the credit.
- WITHOUT The Receiver is not requested to confirm the credit.