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MT701 is a type of message format used in the SWIFT network for issuing a documentary credit, specifically a standby letter of credit. It is part of the MT (Message Type) series, which facilitates international trade and financial transactions. The MT701 message contains critical information about the credit terms, conditions, and parties involved, serving as a formal communication between banks and their clients. This message format helps streamline the process of securing and managing credit in trade finance.
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