SWIFT 734 transmitted through swift 999

shahriar · Post by **shahriar** » Wed Dec 17, 2008 9:39 pm

Dear all,

i received a refusal advice today which is transmitted through 999 but within the body under narrative its written, FIN 734 refusal advice. could someone can give me any clue?

regd

shahriar

Sharif · Post by **Sharif** » Thu Dec 18, 2008 11:11 pm

Dear Shariar

refuse it and ask for an authenticated one.

Sharif

iLC · Post by **iLC** » Thu Dec 18, 2008 11:59 pm

so far i know, to send a authenticated message, a bank must have a BIC arrangement. i think that bank dont have a BIC. Dear Picant, any idea?

besides, there is no requirement that a refusal advice must come by MT734. 999 is also acceptable.

picant · Post by **picant** » Fri Dec 19, 2008 2:03 am

Hi Pals,

may be you remember my opinion concerning the behavior of many banks that refuse to exchange testkey arrangement with other minor banks, stating that they have so many correspondents in that Country or similar sentence. I used to work for a medium Savings Bank in Italy, very active in foreign transactions, and I was compelled to use MT999 in lieu of many other MT..., or ask friends to pass my messages, by authenticating them and naturally receiving money for that service from my bank. I thought that only MT msgs relating to funds movements must be authenticated , but a message issuing or relating to L/C , or colls, must be, without doubt, coming from a bank, and SWIFT System is able to state that this message is coming from that bank. It is the policy of that bank that must be able to check "in the premises" that the outgoing message has been verified and properly authorized. Minor banks, usually, have no voice in SIBOS or in Local Swift Meeting and nobody lifts problems they have in surviving in the world of MT 7xx, MT4xx.
However a msg 999 is an authentic message ... not authenticated, but I hope it will be always accepted, specially when banks know the matter:

Hoping to be understood.

Thank you

Ciao