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What is the difference between MT760 and MT799 and why will some Lenders only accept MT760?

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MT 760 is blocking funds or a guarantee placed by the client. Issue it, and it gone, but beware it has several fields that determines how the funds can be called on. Once in MT760 the funds or guarantee is operative, and can be called on by the beneficiary.


MT 799 is free text format in reference to a guarantee or a letter of credit. So the text of the MT799 can be anything, including "Moms best pancake recipe" as long as it is related to the guarantee or L/C in place. Typical use of MT799 is to exchange information that triggers payment or the guarantee.


MT799 is not intended to be used to confirm that a client is capable of this and that, and will never confirm availability of funds. That is only applicable on Internet traders, joker brokers and wishful legal counselors ignorant of banking. No lender will accept "Moms best recipes" as anything more than what they are worth.
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