Hi what is the difference between MT 752,754 and MT756,
What are the procedures of sending above messages?
QUERY - MT752, MT754 and MT756
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Ushani
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picant
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Re: QUERY - MT752, MT754 and MT756
Hi Pal,
to understand differences and usage do you need the Swift booklet:
MT752 authorisation to pay, accept or negotiate, when a nominated bank asked to honour probably in presence of discrepant documents.
MT754 advice of paymeny, acceptance, negotiation sent by the nominated bank to issuing bank
informing about the honour of documents.
MT756 advice of reimbursement or payment, when issuing bank informs remitting bank having considered
the presentation compliant, paying or undertaking to pay.
A.m. Descriptions are not exhaustive.
Other comments appreciated
Ciao
to understand differences and usage do you need the Swift booklet:
MT752 authorisation to pay, accept or negotiate, when a nominated bank asked to honour probably in presence of discrepant documents.
MT754 advice of paymeny, acceptance, negotiation sent by the nominated bank to issuing bank
informing about the honour of documents.
MT756 advice of reimbursement or payment, when issuing bank informs remitting bank having considered
the presentation compliant, paying or undertaking to pay.
A.m. Descriptions are not exhaustive.
Other comments appreciated
Ciao
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TaiOanlan
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Re: QUERY - MT752, MT754 and MT756
@Ushani
In addition to Picant's clear explanation, I would add something.
MT-756 is mostly seeing for At Sight L/C transaction. The other two message types, both At Sight and Usance L/C may see those which depends on situation and individual preference in practice.
MT stands for Message Type in SWIFT. There are message types MT-0XxX, 1XX, 2XX, 3XX, 4XX, 5XX, 6XX, 7XX, 8XX, 9XX, and 0XX ( I am not quite certain whether or not 6 and 8 exist). As far as Trade Finance is concerned, message type 4 and 7 are dealing with Trade Finance.
MT-756 might still be using heavily among banks, but I see in practice that MT-752 or MT-754 are slowly replaced by new message type which is MT-759 ( I believe the new MT started from some point this year).
Regards,
In addition to Picant's clear explanation, I would add something.
MT-756 is mostly seeing for At Sight L/C transaction. The other two message types, both At Sight and Usance L/C may see those which depends on situation and individual preference in practice.
MT stands for Message Type in SWIFT. There are message types MT-0XxX, 1XX, 2XX, 3XX, 4XX, 5XX, 6XX, 7XX, 8XX, 9XX, and 0XX ( I am not quite certain whether or not 6 and 8 exist). As far as Trade Finance is concerned, message type 4 and 7 are dealing with Trade Finance.
MT-756 might still be using heavily among banks, but I see in practice that MT-752 or MT-754 are slowly replaced by new message type which is MT-759 ( I believe the new MT started from some point this year).
Regards,