MT700 Field 59 — Beneficiary Name Exact Match
Introduction
MT 700 Field 59 is Beneficiary. Presence: Mandatory. This field specifies the party in favour of which the documentary credit is being issued. The message is sent by the issuing bank to the advising bank to indicate the terms of a credit the Sender has originated.
Applying this field
Put this data in the designated MT 700 tag. Do not repeat it in field 47A or in an MT 701. Network rules C1–C4 still apply to 39A/39B, 42C/42a/42M/42P, and 44C/44D.
Conclusion
Field 59 is the designated MT 700 tag for this data. Do not repeat it in field 47A.
FAQ
Is Field 59 mandatory on an MT 700?
Mandatory.
What is Field 59 for?
This field specifies the party in favour of which the documentary credit is being issued.
Does a SWIFT format error become a UCP 600 discrepancy?
Network validation rejects the message before advice. Presentation discrepancies are examined under UCP 600 Article 14 against the credit that was actually issued.
| Regulation | Article / Section | Requirement | Consequence |
|---|---|---|---|
| UCP 600 | Article 14 | Standard for Examination of Documents | Binary determination (compliant/discrepant) |
← Scroll horizontally to see all columns
Quick Reference Summary
- No reference captured.
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