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SWIFT Field Definitions for L/C

Swift is a provider of secure message platform for financial institutions mainly for banks. Swift messages send and received by banks in encrypted forms. As a result swift messages are accepted as a valid and reliable way of communication between banks. Swift messages play a key role not only in letters of credit but also other payment methods in international trade such as cash in advance payment, documentary collections, open accounts and bank payment obligations.


According to UCP 600, unless otherwise specified, a documentary credit advised to the beneficiary or another advising bank based on a SWIFT message constitutes an operative credit instrument which means that MT 700 swift message is an operative letter of credit.

MT 700 is a special swift message type that is sent by the issuing bank to the advising bank to indicate the terms and conditions of a documentary credit which has been originated by the sender. On below table you can find detailed explanations of fields used under MT 700 swift messages.

SWIFT Field Definitions
Code
SWIFT Field 700/701 Definitions
SWIFT Field Explanation
:700
Issue Of Doc Credit
Type of transmission
:20
Doc Credit Number
Credit number assigned by the issuing bank
:21
Receiver's Reference
:23
Reference Top Pre-Advise
:26E
Number Of Amendments
Number of Amendments
:27
Sequence Of Total
Page number of total pages
:30
Date Contact Agreed / Amended
Date Amended
:31C
Issue Date
The date the letter of credit is issued
:31D
Date And Place Of Expiry
The date the letter of credit expires
:31E
Maturity Date
:32B
Currency / Amount
The currency and value of the Credit
:39A
Percentage Credit Amount Tolerance
:39B
Maximum Credit Amount
:39C
Additional Amounts Covered
Additional amounts covered
:40A
Form Of Doc Credit
Irrevocable and/or transferable
:41A
Available With ...By
:41D
Available With / By
Bank the Credit is available to be paid by
:42C
Drafts At
Sight or days after sight for payment
:42A
Drawee
Bank the draft is drawn on
:42M
Mixed Payment Details
:42P
Deferred Payment Details
Deferred payment details
:43P
Partial Shipments
Partial shipments allowed or not allowed
:43T
Transshipment
Transshipment allowed or not allowed
:44A
Loading on Board / Dispatch / Taking in Charge at / From
Commercial port loading from
:44B
For Transport To
Destination commercial port
:44C
Latest Shipment Date
Last date shipment letter of credit is valid for
:44D
Shipment Period
:45
Goods
Goods to be delivered
:45A
Description Of Goods And/ Or Services
Goods description
:46
Documents Required
:46A
Documents Required
Documents required for payment
:47
Additional Conditions
:47A
Additional Conditions
Additional requirements of the letter of credit
:47B
Additional Conditions
Additional conditions to be complied with
:48
Period For Presentation Of Documents
Number of days after shipment allowed for document presentation
:49
Confirmation Instructions
Confirmation by the paying bank is allowed or not allowed
:50
Applicant
The Applicant (usually the buyer) of the Letter of Credit.
:50
Ordering Customer
Ordering customer
:51A
Applicant Bank
:51D
Sending Institution
Sending Institution
:53A
Reimbursement Bank
Paying bank to negotiating bank
:53D
Reimbursement
Reimbursement instructions between the paying and issuing bank
:57A
"Advise Through" Bank
:57D
Account With Bank
Issuing banks account relationship bank
:59
Beneficiary
The Beneficiary (usually the seller) of the Letter of Credit.
:71B
Charges
Applicant and Beneficiary responsibility for bank charges
:72
Sender To Receiver Information
Send and Receive information
:78
Instructions To Pay / Accept / Negotiating Bank
Instructions to paying, accepting, or negotiating bank
:79
Narrative
I/O
Instead Of