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 742 Reimbursement Claim?<\/strong><\/p>\n MT 742 is a swift message type that is sent by the paying\/negotiating bank to the bank authorized to reimburse the Sender for its payments\/negotiations.<\/p>\n It is used to claim reimbursement of payment(s) or negotiation(s) under a documentary credit, as relevant to the reimbursing bank.<\/p>\n On below table you can find detailed explanations of the fields used under MT 742 Reimbursement Claim swift messages.<\/p>\nMT 742 Reimbursement Claim<\/h3><\/div>