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 768 Acknowledgement of a Guarantee / Standby Message?
MT 768 is a swift message type that is used by a bank which has received a guarantee to the bank which issued the guarantee or an amendment thereto.
Banks send their acknowledgement of receipt of any message relating to a bank guarantee or a standby letter of credit with a MT 768 Acknowledgement of a Guarantee / Standby Message swift message type.
MT 768 Acknowledgement of a Guarantee / Standby Message
|M||20||Transaction Reference Number|
|M||30||Date of Message Being Acknowledged|
|O||32a||Amount of Charges|
|O||57a||Account With Bank|
|O||71B||Details of Charges|
|O||72||Sender to Receiver Information|
|O : Optinal M : Mandatory|
MT 768 Network Validated Rules
- C1 Either field 25 or 57a, but not both, may be present.
- C2 If field 32D is present, field 57a must not be present.
- C3 If field 71B is present, field 32a must also be present.
MT 768 Acknowledgement of a Guarantee / Standby Message Rules
This message type is sent by a bank which has received a guarantee to the bank which issued the guarantee or an amendment thereto. It may also be sent by a bank which has been requested to issue a guarantee to the bank which requested the guarantee or an amendment thereto.
It is used to acknowledge receipt of any message relating to a guarantee and, where applicable, to indicate that action has been taken according to the instructions.
This message may also be used for Standby Letters of Credit.
The Sender’s charges may also be accounted for in this message.
Sample MT 768 Acknowledgement of a Guarantee / Standby Message:
Narrative: On 20 August 2014, Bahamas Bank Corporation, Detroit, acknowledges to Iron Bank of Braavos, London (reference 123BROVLD), receipt of the amendment to the issue of Performance Guarantee No. PG20140102, as well as the beneficiary’s acceptance of the amendment.