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412 Instrument- Advice Of Acceptance
Posted: Thu Jul 14, 2016 1:53 pm
by felsin
I need to know about Issuing of 412 swift mesage by Opening bank to Receiving Bank - accepatance advice.
Will it be taken as Usance LC, if so, will the accepting bank will hanour payment of sale proceeds on meturity date as confirmed in 412 swift message.
Kindly advice.
MurthyBK
Collection vs l/c
Posted: Thu Jul 21, 2016 8:07 pm
by picant
Hi Pal,
IMHO, MT412 means that the collection has been accepted, but, diperse, not representing a bank guarantee of payment at maturity.
Other comments appreciated
Ciao
Collection
Posted: Sun Aug 14, 2016 10:06 pm
by Uzay
Swift mt412 is to be sent to advise remitting bank acceptance of the bill by the drawee under documentary collection. Acceptance of a bill under an L/C to be advised via Swift mt756 or mt799.
Posted: Mon Aug 22, 2016 11:54 am
by Nurun
MT 412 means authenticate advice of acceptance. Collecting bank is sending authenticate advice of acceptance saying draft has bee accepted by the drawee to mature on ...day, without any undertaking of payment from collecting bank in maturity.