12.1.21.2 Acknowledgment of MT710
MT730 is sent to the issuing bank to acknowledge the receipt of MT700. Oracle Banking Trade Finance also allows you to send an acknowledgment from the advice through bank to the advising bank in order to acknowledge the receipt of MT710 (Advice of third bank).
The system marks the receiver of the message as ‘ABK’ for message types ‘LC_ACK_ADVICE’ and ‘LC_ACK_AMND’. If ‘ABK’ and ‘ISB’ parties are present for an LC contract, then the receiver of the message will be ‘ABK’. The receiver of this message will be ‘ISB’ only when ‘ABK’ is not present in the parties list. This process is applicable for the following events if the message type is ‘LC_ACK_ADVICE’:
For the automatic generation of MT730 from an export LC, you need to link the message ‘LC_ACK_ADVICE’ to the ‘BADV’ and ‘BANC’ events at the product level. The post-upload status in the ‘Upload Source Preferences’ screen should be ‘Authorized’. The contract authorization at the time of contract upload will trigger the MT730 generation process. For manual generation of MT730 from an export LC, you need to ensure the same advice mapping to the events as mentioned for automatic generation. However, status in the ‘Upload Source Preferences’ screen should be ‘Unauthorized’. MT730 will then be generated during manual authorization of the export LC.
- BADV
- BCFM
- AMND
- AATC
- APAC
- APAD
Table 12-14 SWIFT tags in the LC Contract
| Status | Tag value | Description | Oracle Banking Trade Finance field value |
|---|---|---|---|
| M | 20 | Sender’s reference | Contract reference/user reference |
| M | 21 | Receiver reference | Their reference of party ‘ABK’ |
| M | 30 | Date of message being acknowledged | System date |
| O | 72 | Sender to receiver information | FFT code ‘SND2RECINFO’ and message type as ‘LC_ACK_AMD’ or ‘LC_ACK_ADVICE’ |
Parent topic: STP of MT730 – Acknowledgment