Dear friends,
.
Consider the following case:
.
Bank A sent to Bank B MT998 message. Stating TEST for the amount with its head office in another country, asking advising bank to verify it and then write the message MT700 within.
My question, what is the use of MT998 here instead of MT999?
Next, from the terms of LC, it can be seen that applicant is the intermediary and the ultimate buyer is in another country. (port of discharge is not the applicant's country and BL notify party is a third party) Is there any risk for beneficiary due to receipt of LC via MT700 instead of MT720?
Regards
MT700 vs MT720
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Navi
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iLC
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common group
dear navi,
n98 is basically a common group message and in fact all the SWIFT message category has this option. line 598, 798, 998. n98 category is used in those cases where there is no equivalent SWIFT message type.
here is the field definition
MTN98 Scope
This message type is used by financial institutions, with their own offices, and/or with other financial institutions with which they have established bilateral agreements.
It is used as an envelope for a specified message included in it.
It allows for the definition of a unique format for which another message type is not available or applicable.
It also allows financial institutions to use message types which are awaiting live implementation on the SWIFT system.
never faced your stated situation. generally this type of test happens within the organization or with partners of specific agreement. using real life applicant and beneficiary with LC value more the usd 0.01
i would have not respond to this request.
n98 is basically a common group message and in fact all the SWIFT message category has this option. line 598, 798, 998. n98 category is used in those cases where there is no equivalent SWIFT message type.
here is the field definition
MTN98 Scope
This message type is used by financial institutions, with their own offices, and/or with other financial institutions with which they have established bilateral agreements.
It is used as an envelope for a specified message included in it.
It allows for the definition of a unique format for which another message type is not available or applicable.
It also allows financial institutions to use message types which are awaiting live implementation on the SWIFT system.
never faced your stated situation. generally this type of test happens within the organization or with partners of specific agreement. using real life applicant and beneficiary with LC value more the usd 0.01
i would have not respond to this request.