MT742 sent and payment effected same day

[RAL0892]

Hello Everyone,

Can an MT742 be sent today and honored the same day? or is there a condition of 1 day at least before honoring the payment? (according to URR 725 maybe?)

Thank you in advance for your answers =))

[picant]

Hi Pal,

reimbursing bank, under URR 725 has a maximum of three banking days following the day of receipt of the claim to process the claim. IMHO it is possible to effect the payment the same day but it will depend on the clearing, valid for such currency.
It could be possible, for the claiming bank, to presume the value date of the credit entry, and credit immediately the beneficiary, under usual reserves, with a future value date.
Other comments appreciated-ciao

[Emil123]

Dear all,

I have the same question with RAL0892.
I once asked about this to our advising banks. The first Bank informed us that the Reimbursing bank has a maximum of three banking days following the day of the reimbursement claim to process the claim and another bank said that this process can be completed in 3-5 days. Mostly more than 3 days.

Recently we had a problem with the receipt of payment. The maturity date of the acceptance from the Issuing Bank was stated September 13 but the fund we received on October 1st.

Reimbursing Bank, Issuing bank and Nego Bank claim that they have done their roles and duties and prove it by sending us copy of their SWIFT messages regarding this reimbursement claim. We as a Beneficiary wish to know if this happens which party we can ask for an explanation.

Thank you in advance for your kind advice and suggestion.

[picant]

Hi Pal,

the issuing bank is liable for delay, however you may understand from the SWIFT messages if all has been processed regularly. Sometime the issuing bank has to provide funds so the claim at reimbursing bank remains outstanding.
Please investigate and let us know.
Ciao