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 734 Advice of Refusal?<\/strong><\/p>\n MT 734 message is sent by the issuing bank to the bank from which it has received documents related to a documentary credit.<\/p>\n It may also be sent by the bank nominated to pay\/accept\/negotiate\/incur a deferred payment undertaking to the bank from which it has received documents.<\/p>\n It is used to advise the Receiver that the Sender considers the documents, as they appear on their face, not to be in accordance with the terms and conditions of the credit and that, consequently, it refuses them for the discrepancies stated.<\/p>\n The Sender also provides the Receiver with details regarding the disposal of the documents.<\/p>\n This message type may also be used for claiming a refund.<\/p>\nMT 734 Advice of Refusal<\/h3><\/div>