Swift is a provider of secure message platform for financial institutions mainly for banks.<\/p>\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
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
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
What is MT 707 Amendment to a Documentary Credit in Trade Finance?<\/strong><\/p>\n MT 707 is a special swift message type that is used by issuing banks or advising banks when sending an amendment to a documentary credit.<\/p>\n An issuing bank or an advising bank uses MT 707 Amendment to a Documentary Credit swift message type to inform the receiver about amendment or amendments to the terms and conditions of a documentary credit.<\/p>\n The amendment is to be considered as part of the documentary credit, unless the MT 707 is used to convey only brief details of the amendment, details of which are to follow.<\/p>\n On below table you can find explanations regarding the fields used under MT 707 swift messages.<\/p>\n You can also reach individual pages of each field by clicking the corresponding links.<\/p>\nMT 707 Amendment to a Documentary Credit<\/h3><\/div>