Swift is a provider of secure message platform for financial institutions mainly for banks.
Swift messages are being sent 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 sends a swift message to an advising bank in order to inform issuance of a documentary credit. Similarly the advising bank sends its 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 742 Reimbursement Claim?
MT 742 is a swift message type that is sent by the paying/negotiating bank to the bank authorized to reimburse the Sender for its payments/negotiations.
It is used to claim reimbursement of payment(s) or negotiation(s) under a documentary credit, as relevant to the reimbursing bank.
On below table you can find detailed explanations of the fields used under MT 742 Reimbursement Claim swift messages.
MT 742 Reimbursement Claim
|M||20||Claiming Bank's Reference|
|M||21||Documentary Credit Number|
|O||31C||Date of Issue|
|M||32B||Principal Amount Claimed|
|O||33B||Additional Amount Claimed as Allowed for in Excess of Principal Amount|
|M||34a||Total Amount Claimed|
|O||57a||Account With Bank|
|O||72||Sender to Receiver Information|
|O : Optinal M : Mandatory|
Sample: MT 742 Reimbursement Claim SWIFT Message
Sender : AMCONL2A
Message Type : 742
Receiver : OELBATSW
20 : Claiming Bank’s Reference
21 : Documentary Credit Number
31C : Date of Issue
52A : Issuing Bank
32B : Principal Amount Claimed
71B : Charges
34B : Total Amount Claimed
57A : Account With Bank
58A : Beneficiary Bank
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