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 747 Amendment to an Authorisation to Reimburse?
MT 747 is a swift message type that is sent by the bank which has issued an authorization to reimburse (issuing bank) to the reimbursing bank.
It is used to inform the Receiver about amendments to the terms and conditions of the credit relevant to the authorization to reimburse.
The amendment is to be considered as part of the authorization to reimburse.
On below table you can find detailed explanations of the fields used under MT 747 Amendment to an Authorisation to Reimburse swift messages.
MT 747 Amendment to an Authorisation to Reimburse
|M||20||Documentary Credit Number|
|O||21||Reimbursing Bank's Reference|
|M||30||Date of the Original Authorisation to Reimburse|
|O||31E||New Date of Expiry|
|O||32B||Increase of Documentary Credit Amount|
|O||33B||Decrease of Documentary Credit Amount|
|O||34B||New Documentary Credit Amount After Amendment|
|O||39A||Percentage Credit Amount Tolerance|
|O||39B||Maximum Credit Amount|
|O||39C||Additional Amounts Covered|
|O||72||Sender to Receiver Information|
|O : Optinal M : Mandatory|
MT 747 Network Validated Rules
- C1 At least one of the fields 31E, 32B, 33B, 34B, 39A, 39B, 39C, 72 or 77A must be present.
- C2 If either field 32B or 33B is present, then field 34B must also be present.
- C3 If field 34B is present, either field 32B or 33B must also be present.
- C4 Either field 39A or 39B, but not both, may be present.
- C5 The currency code in the amount fields 32B, 33B and 34B must be the same.
MT 747 Usage Rules
- Terms and conditions which are not mentioned in the amendment message remain unchanged.
- The cancellation of an MT 740 Authorisation to Reimburse takes the form of an amendment. The MT 747 must therefore be used.
- There are special fields for amendments to the date of expiry and for increases or decreases in the amount of the documentary credit. All other amendments must be specified in field 77A.
Sample: MT 747 Amendment to an Authorisation to Reimburse SWIFT Message
Sender : AMCONL2A
Message Type : 747
Receiver : OELBATSW
20 : Sender’s Reference
30 : Date of Original Authorisation to Reimburse
31E : New Date of Expiry
32B : Increase of Documentary Credit Amount
34B : New Documentary Credit Amount After Amendment
End of Message Text/Trailer
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