12.3.2 MT 701 Issue of a Documentary Credit
This message is sent by the issuing bank to the advising bank.
It is used to indicate the terms and conditions of a documentary credit which has been originated by the Sender (issuing bank).
This message is sent in addition to an MT 700 Issue of a Documentary Credit, when the information in the documentary credit exceeds the maximum input message length of the MT 700. Maximum Length: 10000
"As per SWIFT November 2018, system should support below specifications for extension messages ( MT701 ):
- Maximum of 7 extension messages can be generated
- Tag 45A can appear in more than one message (either in MT700 or in multiple MT701s).
- Tag 45A should not repeat more than once in a single message
- Tag 45A can have 6500 characters (100*65z)
- Size limitation of Tag 45A, in theory, could be 8 x 100 x 65, some 52,000 characters.
- If details provided for Description of goods, Description of documents, Additional conditions, Special Payment conditions for Beneficiary and Special Payment conditions for Receiving Bank exceeds 80000 characters, all messages ( MT700 and MT701s) should go in repair.
- Adoption of the extended Z Character Set for long fields, includes fields 45, 46, 47 and 49
Support is provided to capture 32000 characters in description fields in the below maintenance screens:
- Commodity Code Maintenance (BCDCOMCD )
- Goods Description
- Document Code Maintenance (BCDDOCCD)
- Document Long Description
- Free Format Code Maintenance (BCDFFTCD )
- Free Format Text
- Clause Code Maintenance (LCDCLAMA)
- Clause Description
- LC Product Maintenance (LCDPRMNT )
- Clause Description
- FFT Description
Parent topic: Documentary Credits