12.1.19 STP of MT710 - Advise of Third Bank’s Documentary Credit
The MT710 is sent by the Advising Bank that has received a documentary credit (MT700) from the Issuing Bank. The message is sent to the Advise through Bank (bank advising the beneficiary) and is used to advise the receiver about the terms and conditions of a documentary credit.
Table 12-8 SWIFT tags in MT710 and the fields in the LC Contract
| Status | Tag value | Description | Oracle Banking Trade Finance field value | Remarks |
|---|---|---|---|---|
| M | 27 | Sequence of Total | This field identifies whether MT711 is sent as part of MT710. | |
| M | 40B | Form of Documentary Credit | Transferable | The different tag values for this field and the corresponding FCC field value is given in ‘Table A’. |
| M | 20 | Senders Reference | Their Reference for party ‘ABK’ | |
| M | 21 | Documentary Credit Number | Their Reference for party ‘ISB’ | |
| M | 31C | Date of issue | Issue date and effective date | |
| M | 31D | Date and place of expiry | Expiry date and Expiry place | |
| M | 52A or D | Issuing bank | Party details of ISB | The party details will be fetched using BIC code if 52A is present else the party details needs to be fetched using D to A converter. In case counterparty is not found then ‘Walk-in customer’ will be used. |
| O | 51A or D | Applicant bank | Party details of APB | The party details will be fetched using BIC code if 51A is present else the party details needs to be fetched using D to A converter. In case counterparty is not found then ‘Walk-in customer’ will be used. |
| M | 50 | Applicant | Party details of APP | The party details will be fetched using Name of the party. In case counterparty is not found, then ‘Walk-in customer’ will be used. |
| M | 59 | Beneficiary | Party details of ‘BEN’ and customer details in Main screen | The party details will to be fetched using Name of the party. In case counterparty is not found then ‘Walk-in customer’ will be used. |
| M | 32B | Currency code and amount | LC currency and LC amount | - |
| O | 39A | Percentage Credit Amount Tolerance | About clause, positive and negative tolerance | If not present then about clause should be ‘None’. If present, the about clause should be ‘About’ with positive and negative tolerance |
| O | 39C | Additional Amounts Covered | Additional amounts covered in the ‘Others’ tab | - |
| M | 41A or D | Available with…by… | Credit details of LC (Type, mode and available with) | For details, refer ‘Table B’ below. |
| O | 42C | Draft at | Credit details | - |
| O | 42A | Drawee | Credit details | - |
| O | 42M | Mixed Payment Details | Credit details | - |
| O | 42P | Deferred Payment Details | Credit details | - |
| O | 43P | Partial Shipments | Partial shipment allowed | If the tag value is ‘ALLOWED’, Partial Shipment will be ‘Y’. For any other value of the tag, it will be ‘N’ |
| O | 43T | Transhipment | Transhipment allowed | If the tag value is ‘ALLOWED’, FCC value will be ‘Y’. For any other value of the tag, it will be ‘N’. |
| O | 44A | Loading on board/dispatch | Shipment From | - |
| O | 44B | For Transportation To | Shipment To | - |
| O | 44C | Latest Shipment Date | Latest Shipment Date | - |
| O | 44D | Shipment Period | Shipment Period | - |
| O | 45A | Description of Goods and Services | Goods Description | - |
| O | 46A | Documents Required | Document Details | - |
| O | 47A | Additional Conditions | FFT Information | Tag 47A will be uploaded as FFT with FFT code as ‘UPLD_COND’ and message type as ‘ADV_THIRD_BANK’. |
| O | 71B | Charges | Charges from Beneficiary in ‘Others’ tab. | - |
| O | 48 | Period of Presentation | Period for Presentation in ‘Others’ tab. | - |
| M | 49 | Confirmation instructions | Operation Code and May Confirm | Refer ‘Table C’ for details. |
| O | 53A or D | Reimbursing Bank | Party details of ‘REB’ | The party details would be fetched using BIC code if 53A is present else the party details needs to be fetched using D to A converter. |
| O | 78 | Instructions to paying /acc/ neg bank | FFT | Tag 78 would be uploaded as FFT with FFT code as ‘INSTRUCTION’ and message type as ‘ADV_THIRD_BANK’. |
| O | 57A or D | Advise thru bank | Party details of ‘ATB’ | The party details will be fetched using BIC code if 57A is present else the party details needs to be fetched using D to A converter. |
| O | 72 | Sender to receiver info | Internal remarks/FFT | Tag 72 will be uploaded as FFT with FFT code as ‘SND2RECINFO’ and message type as ‘ADV_THIRD_BANK’. |
Table 12-9 Table A
| Tag value | Transferable (Oracle Banking Trade Finance value) |
|---|---|
| IRREVOCABLE | N |
| REVOCABLE | N |
| IRREVOCABLE TRANSFERBALE | Y |
| REVOCABLE TRANSFERABLE | Y |
Table 12-10 Table B
| Tag value | Type (Oracle Banking Trade Finance field value) | Mode (Oracle Banking Trade Finance field value) | With (Oracle Banking Trade Finance field value) |
|---|---|---|---|
| Payment | Straight | Sight | |
| Acceptance | Straight | Acceptance | |
| Negotiation | Negotiable | Negotiation | |
| Def payment | Straight | Deferred | |
| Mixed pymt | Straight | Mixed | |
| Option A | 1st line | ||
| Option D | 1st 4 lines |
Table 12-11 Table C
| Tag value | Type (Oracle Banking Trade Finance field value) | Mode (Oracle Banking Trade Finance field value) |
|---|---|---|
| CONFIRM | Advise and confirm | N |
| MAY ADD | Advise | Y |
| WITHOUT | Advise | N |
During the booking of an export LC, MT711 will be considered for uploading goods description (field 45B), document details (field 46B) and additional conditions (field 47B). The existence of MT711 for MT710 will be checked from field 27 of MT710. MT711 SWIFT record will be fetched from the incoming browser using the reference number from field 20 of MT710.
The system will arrive at the queue through which MT710 should be routed using the STP rule maintenance. Based on the queue and message type, the system will identify the product for the LC contract from the product mapping maintenance where a queue is mapped to the product. The closure date of the LC will be derived from the product (expiry date in field 31D + closure days maintained in the LC product). The party details of advising bank ABK in export LC will be derived from the sender reference number.
If all MT711 messages are not present in the incoming message browser, then the system will stop processing the corresponding MT711 and move on to process the next MT710 in the queue. Field 27 of the message will be used to identify the number of MT711 messages associated with an MT710.
The STP process will create authorized or unauthorized export LC based on the post upload status maintained in the Upload Source Preferences screen.
Parent topic: Branch Parameters Details