SWIFT MT 700
Significant changes are coming to SWIFT MT 700 series for commercial LCs (in November 2018) and the MT 760 series for guarantees & standbys (in November 2019). Will bankers and bank systems be ready? One facet possibly overlooked is their role regarding non-bank use of messages. SWIFT expects corporates to fill out message fields correctly and banks to educate customers on the structured formats. Is this change on your radar?
More details on the forthcoming SWIFT MT 700 series changes for trade finance in the upcoming July/August double issue of Documentary Credit World. If you're not yet a subscriber, visit the DCW webpage to request a trial issue or register today!