SWIFT MT 700: Issue of a Documentary Credit

Introduction

The MT 700 is sent by the issuing bank to the advising bank. It indicates the terms and conditions of a documentary credit originated by the Sender. When the message exceeds maximum input length, additional information is transmitted in one or more MT 701s (up to eight). Information in a designated MT 700 field must not be repeated in a related MT 701.

Failure Mode Analysis

Failure mode 1: Dumping designated-field data into 47A

Each tag exists so the advising bank can compile without narrative. Repeating Field 45A inside 47A mutates the credit.

Failure mode 2: 39A with 39B, or 44C with 44D

Network validation rejects the message. The credit never becomes an operative instrument.

Failure mode 3: Calling Field 20 the Sender reference on an MT 700

On MT 700, Field 20 is Documentary Credit Number assigned by the Sender. That is not the sender reference tag used on other message types.

Deterministic Resolution Architecture

1. Fill every mandatory tag (27, 40A, 20, 31C, 40E, 31D, 50, 59, 32B, 41a, 49).

2. Apply C1-C4.

3. Put goods in 45A, documents in 46A, extra conditions in 47A. Do not cross-dump.

4. Use MT 701 only when length forces it; do not contradict the MT 700.

5. Examine later presentations under UCP 600 Article 14 against this credit.

Conclusion

The MT 700 is a compile list. Isolate each tag. Draft Field 46A so the presentation can compile.

FAQ

Who sends an MT 700?

The issuing bank, to the advising bank.

What if the credit is longer than one message?

Send up to eight MT 701s. Do not repeat designated MT 700 fields in those 701s.

Is Field 77B on the MT 700?

No. The SR 2018 MT 700 field list ends at 72Z. Citing 77B on an MT 700 is a fabrication.