MT700 Field 57 and Its Relationship with UCP

Introduction

SWIFT MT700 Field 57 designates the "Advise Through" bank — the intermediary institution that facilitates the transmission of a documentary credit from the issuing bank to the advising bank. This field interacts with the Uniform Customs and Practice for Documentary Credits (UCP) in ways that directly affect whether the credit reaches the intended recipient with the proper authentication and authorization.

Failure Modes

1. Field 57 Bank Cannot Authenticate the Issuing Bank
If the Field 57 intermediary does not hold authentication keys for the issuing bank, it cannot verify the MT700's authenticity. This blocks the transmission chain and prevents the advising bank from fulfilling its Article 9 obligations.

2. Field 57 Creates an Unintended Dual-Advising Structure
When Field 57 names a bank that also acts as an advising bank (rather than merely forwarding the credit), a dual-advising situation arises that may confuse the beneficiary about which bank holds which obligations.

3. Field 57 Routing Delay Violates Credit Validity Period
If the Field 57 intermediary introduces a significant delay in forwarding the credit, the beneficiary may receive the credit too late to meet the presentation period specified in Field 48.

4. Field 57 Inconsistency Between Original and Amendment
When the original MT700 uses Field 57 but the MT707 amendment does not (or vice versa), the credit and its amendment travel different paths, creating reconciliation challenges for the advising bank.

Resolution Steps

1. Establish Field 57 routing standards for your organization that specify which banks are authorized to serve as intermediaries for each correspondent relationship.

2. Test the Field 57 routing path with a test MT700 message before sending live credits through a new intermediary.

3. Confirm that Field 57 banks have operational SLAs for forwarding credits within a timeframe consistent with the credit's validity and presentation periods.

4. Ensure amendment routing matches the original credit routing. Include Field 57 in the MT707 template when the original MT700 used Field 57.

5. Monitor transmission times through Field 57 intermediaries and flag any bank that consistently introduces delays.

6. When dual-advising concerns arise, contact the issuing bank to clarify the intended advisory structure and, if necessary, request an amendment to remove Field 57.

7. Maintain a record of Field 57 routing decisions for each correspondent relationship to support future transaction planning and audit requirements.

Conclusion

Field 57 is a routing mechanism that directly impacts the UCP-governed advisory process. When the routing path is well-designed and validated, Field 57 facilitates efficient credit transmission. When it is poorly designed or contains errors, Field 57 can block the advisory chain, delay credit receipt, and create ambiguity about bank obligations.

Frequently Asked Questions

Q1: Can Field 57 be used to route credits to a beneficiary's bank directly?
Field 57 routes the credit from the issuing bank toward the advising bank. It is not designed to deliver the credit directly to the beneficiary's bank. The advising bank performs this function under Article 9.

Q2: What is the difference between "Advise Through" and "Notify"?
"Advise Through" (Field 57) refers to an intermediary that forwards the credit. "Notify" is not a standard SWIFT field in MT700 but may appear in other contexts as a non-advising, informational role.

Q3: Can a Field 57 bank add its confirmation?
No. A bank named in Field 57 acts as an intermediary, not as a confirming bank. Confirmation must be explicitly added by the bank named in Field 58.

Q4: How does Field 57 interact with UCP Article 38 (Transferable Credits)?
When a credit is transferred under Article 38, the transferring bank sends an MT702 to the second beneficiary. Field 57 in the original MT700 does not automatically apply to the MT702.

Q5: Should Field 57 include the bank's full address?
SWIFT Field 57 uses BIC codes for identification. The full address is not required in Field 57 but should be available in the bank's SWIFT BIC profile.

Source Notes

The following sources were consulted as context only:

• Trade Finance Global, "UCP 600 – ultimate 2026 guide" (Jun 2020)
• Trade Finance Global, "Understanding MT 720: transfer of a documentary credit" (Jun 2024)
• 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, "Modifications and exclusions in commercial Letters of Credit Issued under UCP 600" (Oct 2021)