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 750 Advice of Discrepancy?
MT 750 is a swift message type that is sent by the bank to which documents have been presented, to the issuing bank.
It may also be sent to a bank nominated to pay/accept/negotiate/incur a deferred payment undertaking.
It is used to advise the Receiver that documents which have been presented are not in accordance with the terms and conditions of the credit.
The MT 750 is a request for authorization to take up documents. Authorization may be provided using an MT 752 Authorisation to Pay, Accept or Negotiate; a negative reply to the request may be provided using an MT 796 Answers.
MT 750 Advice of Discrepancy
|Charges to be Deducted
|Charges to be Added
|Total Amount to be Paid
|Account With Bank
|Sender to Receiver Information
|O : Optinal M : Mandatory
MT 750 Network Validated Rules
C1 If field 33B and/or field 71B and/or field 73 is/are present, field 34B must also be present.
C2 The currency code in the amount fields 32B and 34B must be the same.
Sample: MT 750 Advice of Discrepancy SWIFT Message
Sender : AMCONL2A
Message Type : 750
Receiver : OELBATSW
20 : Sender’s Reference
21 : Related Reference
32B : Principal Amount Claimed
77J : Discrepancies
COPY CONSULAR CERTIFICATE OF ORIGIN NOT PRESENTED AND COPY LETTER OF DECLARATION FROM BENEFICIARY’S TO APPLICANT DOES NOT SHOW ORIGINAL CONSULAR INVOICE AND CERTIFICATE OF ORIGIN AIRMAILED TO APPLICANT.
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