MT700 Field 57 — Contradictions with Other Fields

Introduction

SWIFT MT700 Field 57 identifies the "Advise Through" bank — the institution through which the advising or confirming bank receives the documentary credit. When Field 57 contains information that conflicts with other fields in the MT700 message, the transmission path for the credit breaks down, potentially leaving the beneficiary uninformed or the advising bank without proper authorization.

Failure Modes

1. Field 57 Names a Bank That Cannot Forward the Credit
If Field 57 references a bank that does not have a correspondent relationship with either the issuing bank or the advising bank, the credit cannot be transmitted through the specified channel.

2. Field 57 Contradicts Field 58 (Confirming Bank)
Field 57 may name a bank as the conduit for transmission, but Field 58 may name a different institution as the confirming bank. This can create confusion about which bank holds the confirmation obligation.

3. Field 57 BIC Code Resolves to Wrong Branch or Entity
A typographical error in the BIC code may direct the credit to an unintended recipient, causing delays while the incorrect branch attempts to redirect the message.

4. Field 57 Inconsistent with Field 52A (Issuing Bank)
If Field 57 names a bank that is not in the issuing bank's correspondent network, the issuing bank cannot route the MT700 through the specified channel.

Resolution Steps

1. Verify Field 57 BIC codes against the SWIFT directory before transmitting the MT700. Confirm that the code resolves to the intended bank and branch.

2. Cross-check Field 57 against Field 58 to ensure the transmission path does not create ambiguity about the confirming bank's identity or obligations.

3. Confirm correspondent relationships between the banks named in Field 57 and the issuing bank. If no correspondent relationship exists, select an alternative "Advise Through" bank.

4. When a Field 57 contradiction is detected by the receiving bank, redirect the credit to the correct advising bank and notify the issuing bank via MT799.

5. Maintain a list of authorized "Advise Through" banks for each correspondent relationship. Use this list to validate Field 57 entries before transmission.

6. Include Field 57 in your MT700 quality assurance checklist alongside other routing-related fields.

7. Train operators on the distinction between Field 57 (Advise Through) and Field 58 (Confirming Bank) to prevent conceptual confusion during message construction.

Conclusion

Field 57 contradictions are routing errors that prevent the documentary credit from reaching its intended recipient. They are typically caused by BIC code errors, incorrect bank selection, or confusion between Field 57 and Field 58. Systematic validation and clear operator training are the most effective prevention methods.

Frequently Asked Questions

Q1: Is Field 57 mandatory in an MT700?
No. Field 57 is optional. When omitted, the credit is transmitted directly to the advising bank without an intermediary.

Q2: What is the difference between Field 57 and Field 58?
Field 57 identifies the "Advise Through" bank — the intermediary that forwards the credit. Field 58 identifies the confirming bank — the institution that adds its irrevocable undertaking to the credit.

Q3: Can Field 57 and Field 58 name the same bank?
Yes. In some transaction structures, the confirming bank also serves as the intermediary for credit transmission. This is permissible under UCP 600 and SWIFT rules.

Q4: What happens if Field 57 is incorrect and the credit reaches the wrong bank?
The receiving bank should redirect the credit to the correct advising bank and notify the issuing bank. The delay may affect the beneficiary's ability to present documents within the Field 48 presentation period.

Q5: How does Field 57 interact with Field 43P/43Q (Partial Shipment/Transshipment)?
Field 57 does not directly affect shipping instructions. However, a delayed credit transmission caused by a Field 57 error may indirectly affect the beneficiary's ability to comply with shipment and presentation timelines.

Source Notes

The following sources were consulted as context only:

• Trade Finance Global, "Understanding MT 720: transfer of a documentary credit" (Jun 2024)
• Trade Finance Global, "UCP 600 – ultimate 2026 guide" (Jun 2020)
• Trade Finance Global, "SWIFT Messaging Types | TFG 2026 Guide" (Apr 2020)
• ICC, "ICC's new rules on documentary credits now available" (Mar 2023)
• Trade Finance Global, "ICC briefing addresses the topic of reducing discrepancy rates" (Aug 2022)