Swift is a provider of secure message platform for financial institutions mainly for banks.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n\n\n\n\n
MT 700 is a special swift message type that is used by issuing banks when issuing a letter of credit.<\/p>\n\n\n\n
An issuing bank sends the terms and conditions of the documentary credit with a MT 700 Issue of a Documentary Credit swift message type.<\/p>\n\n\n\n
MT 700 message is sent by the issuing bank to the advising bank. It is used to indicate the terms and conditions of a documentary credit which has been originated by the Sender (issuing bank).<\/p>\n\n\n\n
On below table you can find detailed explanations of fields used under MT 700 swift messages.<\/p>\n\n\n\n
You can reach a detailed page for each field by clicking the corresponding links.<\/p>\n\n\n\n
You can find detailed information about the MT 700 and its sub-fields on this page.<\/p>\n\n\n