0
When banks have to open a credit note, the issuing banks uses a swift message type known as MT700. This message is sent by issuing bank to advising bank. It is nothing but a documentary letter of credit in a swift format.
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
What is MT700 and MT760 and MT799?
MT700 is an issue of a documentary credit. MT760 is a SWIFT message. MT799 is a text message. All of these are used in the banking industry to indicate transactions of a certain kind.
Can we treat MT700 received through MT798 as an authenticated message from issuing bank?
Never, MT798 was always and remains as Free Format Message!
What is SWIFT MT700?
A MT700 is the SWIFT format for a Documentary Letter of Credit, but it is also possible to issue a Standby Letter of Credit using the same SWIFT message type.
What is MT700 and MT760 and MT799?
MT700 is an issue of a documentary credit. MT760 is a SWIFT message. MT799 is a text message. All of these are used in the banking industry to indicate transactions of a certain kind.
What is difference between MT700 MT760 MT760?
These are all Swift procedure that involves either a letter of credit or a guarantee. In this categoy MT700 is one procedure, MT760 another procedure, where the meaning is entirely different. See the Swift procedures on the Swift web-site.
What is MT700 DLC?
Documentory Letter of Credit, sended by Bank to addressed bank to verify proof of fund of the Buyer
Can we treat MT700 received through MT798 as an authenticated message from issuing bank?
Never, MT798 was always and remains as Free Format Message!
What is mt700?
MT 700 is ... Issue of a Documentary CreditThis message is sent by the issuing bank to the advising bank. It is used to indicate the terms and conditions of a documentary credit which has been originated by the Sender (issuing bank).
What is the difference between mt700 and mt707?
If the bravo nuclear bomb is 300 mt and the tzar bomba is 700 mt, so it's more of a difference in radiation then heat. the tzar bomba was 3 time larger then bravo destructive wise. So 007+tzar
Difference between bill of exchange and letter of credit?
Bill of exchange is an old fashion method of debt settlement, paper based and is not authenticated. LC is a new method which is based on SWIFT MT700 and is bank to bank authentication of a debt settlement in trade. LC, by default, is bank to bank sponsorship but Bill of exchange, by default is not a banking instrument. however, bank may be involved in its parties or not. Bill of exchange , solely cannot be used in trade unless this is accepted by buyer's bank which is called documentary collection. also , along with LC , some banks use Bill of exchange as a supporting and cheaper method of guarantee. Recently, there is a new version of Bill of exchange, named Billex , offered by Billex trade finance corp in Canada and Singapore, which has an online reporting system and verification possibility to compensate for lack of authenticity of Bill of exchange. some banks are using it and some see it as a thread to their LC business . Billex is cheap and LC is expensive... I guess it will grow very fast in the market.
