Field 42P: Deferred Payment Details is a field in MT 700 swift message type that is used to specify the payment date or method for its determination in a documentary credit which is available by deferred payment only.
This field specifies the payment date or method for its determination in a documentary credit which is available by deferred payment only.
A credit must state whether it is available by sight payment, deferred payment, acceptance or negotiation.
By nominating a bank to accept a draft or incur a deferred payment undertaking, an issuing bank authorizes that nominated bank to prepay or purchase a draft accepted or a deferred payment undertaking incurred by that nominated bank.
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