12.4.1.10 MT (783) - Request for Guarantee / Standby Letter of Credit Reduction / Release
The Request for Guarantee / Standby LC Reduction / Release is sent by the corporate (Applicant) to their bank and comprises one MT 798 message. This message is used by the Applicant to request that it be released of all liability for the specified amount.
A single Request for Guarantee / Standby LC Reduction / Release message must comprise:
One MT 798 message identified with a sub-message type of 783 and enveloping one index message. This message contains all the necessary data elements for corporate-to-bank exchange. There is no equivalent bank-to-bank message.
Dates defined as 6!n must be in the form of YYMMDD. Dates defined as 8!n must be in the form of YYYYMMDD.
Section 1 - MT 798 Structure
| Field Tag | Field Name | Format | Mandatory /Optional |
|---|---|---|---|
| 20 | Transaction Reference Number | 16x | M |
| 12 | Sub-Message Type | 3!n | M |
| 77E | Proprietary Message | 73x [n*78x] | M |
Section 2 – Field 77E Structure
| Field Tag | Field Name | Format | Mandatory /Optional |
|---|---|---|---|
| 27A | Message Index/Total | 1!n/1!n | M |
| 21A | Customer Reference Number | 16x | M |
| 20 | Guarantee/Credit Number | 16x | M |
| 13E | Message Creation Date Time | 8!n4!n | M |
| 33B | Amount Reduced or Released | 3!a15d | M |
| 22N | Reason for Reduction/ Release | 4!c | M |
| 49K | Other Reason for Reduction/ Release | 6*65x | O |
| 29A | Customer Contact | 4*35x | O |
| 72C | Corporate to Bank Information | 6*35x | O |
| 23X | File Identification | 4!c/65x | O |
| 29S | Customer Identifier | 4!c/35x | O |
| 29P | Processing Bank Identifier | 35x | O |
| 29U | Lead Bank Identifier | 35x | O |
Parent topic: SWIFT 2018 Changes