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Hi Pals,
a customer of a bank dealt with a buyer in Indonesia to sell the goods, payment by lc, and indicates the bank to be advised by Swift.
Unfortunately the buyer's bank has no Swift RMA with the seller's bank, nor its Parent Bank in Singapore, where all foreign transactions are controlled. The issuing bank decided to send a MT700 to Singapore, and Singapore sent MT710 to a bank in Milan,
as the MT700 indicated them in field 57A.
The bank in Milan was completely unaware of the beneficiary, but sent the advice, probably the same MT710 to the Branch near the city resulted by the beneficiary address. So the message reached beneficiary after one week. If then transmitted by MT710 to the beneficiary bank, the latter is a second advising bank. If the issuinf bank instructed its Parent Bank properly, field 57A had contained the beneficiary's bank name, the Parent Bank could send a MT710 to one of its correspondent in Italy, for further transmittal,MT710 to the beneficiary bank. The first bank in Italy would be only a receiver and the beneficiary bank the advising bank.
.
Please your comments.
Ciao

Hi Sir,

I am sorry I didn't catch the poin.
Applicant (buyer) from Indonesia, and the Applicant from Italy ?

CMIIW

Thanks

Try to explain:
+Bank in Jakarta send MT700 to a bank in Singapore, bank of singapotre send MT710 to a bank in Italy, but beneficiary has account with another bank in Italy, the bank in Italy was indicated in field 57A. (credit not yet arrived)
+Bank in Jakarta send MT700 to a bank in Singapore, indicating in field 57A the beneficiary's bank, bank of Singapose sent a MT710 to its correspondent in Italy, that following the instruction in field 57A sends a MT710 to that bank(3-4 days after issuance)
So the dilemma, the advising bank is the issuer correspondent or is the bank which the beneficiary indicated in the contract?
Thanks and ciao

Sorry, please disregard previous message
Try to explain:
+Bank in Jakarta send MT700 to a bank in Singapore, bank of Singapore send MT710 to a bankA in Italy, but beneficiary has account with another bank in Italy, the bank A in Italy was indicated in field 57A. (credit not yet arrived)
+Bank in Jakarta send MT700 to a bank in Singapore, indicating in field 57A the beneficiary's bank, bank of Singapore sent a MT710 to its correspondent in Italy, that following the instruction in field 57A sends a MT710 to that bank(3-4 days after issuance)
So the dilemma, the advising bank is the issuer's correspondent or is the bank which the beneficiary indicated in the contract?
Thanks and ciao
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