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 752 Authorisation to Pay, Accept or Negotiate?
MT 752 is a special swift message type that is sent by the issuing bank, or the nominated bank if so authorized by the issuing bank, to a paying/accepting/negotiating bank in response to a request for authorization to pay/accept/negotiate/incur a deferred payment undertaking previously requested via an MT 750 Advice of Discrepancy or otherwise.
It is used to advise the Receiver that documents may be taken up, notwithstanding the discrepancies, provided they are otherwise in order.
MT 752 Authorisation to Pay, Accept or Negotiate
|M||20||Documentary Credit Number|
|M||21||Presenting Bank's Reference|
|M||30||Date of Advice of Discrepancy or Mailing|
|O||32B||Total Amount Advised|
|O||72||Sender to Receiver Information|
|O : Optinal M : Mandatory|
MT 752 Network Validated Rules
- C1 If fields 32B and 71B are both present, then field 33a must also be present.
- C2 The currency code in the amount fields 32B and 33a must be the same.
MT 752 Usage Rules
- When cover is to be remitted via other banks, these banks are specified in fields 53a and 54a.
- The code RCB may only be used in field 72 if both fields 53a and 54a are present in the message.
Sample: MT 752 Authorisation to Pay, Accept or Negotiate
Sender : AMCONL2A
Message Type : 752
Receiver : OELBATSW
20 : Documentary Credit Number
21 : Presenting Bank’s Reference
23 : Further Identification
30 : Date of Advice of Discrepancy
End of Message Text/Trailer
|Letter of Credit Consultancy|
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