Fields like :20:, :27: and :31C: help identify and date the credit.
What is an MT700?
Learn what the SWIFT message is and what it is not.
How the message is split into parts
You do not need to memorise the full format. Start by seeing what each field group is for.
:20: LC123456789
:27: 1/1
:40A: IRREVOCABLE
:31C: 220630
:50: APPLICANT NAME
:59: BENEFICIARY NAME
:32B: USD100000.00
:39A: AVAILABLE BY PAYMENT
:41A: AVAILABLE WITH ANY BANK BY NEGOTIATION
:42C: DRAFTS AT SIGHT
:46A: DOCUMENTS REQUIRED
:47A: ADDITIONAL CONDITIONS
:27: 1/1
:40A: IRREVOCABLE
:31C: 220630
:50: APPLICANT NAME
:59: BENEFICIARY NAME
:32B: USD100000.00
:39A: AVAILABLE BY PAYMENT
:41A: AVAILABLE WITH ANY BANK BY NEGOTIATION
:42C: DRAFTS AT SIGHT
:46A: DOCUMENTS REQUIRED
:47A: ADDITIONAL CONDITIONS
Fields like :50: and :59: show who is applying and who benefits.
Fields like :32B:, :39A:, :41A: and :42C: help explain amount and payment style.
Fields like :46A: and :47A: often decide how easy or hard the LC is to use.
The basic meaning
MT700 is a SWIFT message type used for issuing a documentary credit.
It carries the LC terms in structured fields.
Why the field numbers matter
Instead of one long paragraph, an MT700 separates information into fields.
For example, one field identifies the applicant, another the beneficiary, another the amount, and another the required documents.
MT700 is not a magic word
Seeing the words 'MT700' does not by itself prove that a document is genuine, drawable or financeable.
Bank authentication and the full transaction still matter.
Related messages
MT701 can be used as a continuation of documentary-credit information when needed.
MT707 is used for amendments to a documentary credit.
Remember thisMT700 is the message carrying the credit terms. It is not a financing approval.
Lesson check0 / 2 answered · 0 correct
Check 1
What is MT700 mainly used for?
Check 2
Does 'MT700' automatically mean a financier will buy the LC?
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