Category 4: Collections and cash letters
MT412 Advice of Acceptance
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The MT412 tells the remitting bank that the drawee has accepted one or more drafts under one collection instruction. The collecting bank sends it, and a collecting bank can also send it to another collecting bank. Field 32A gives the maturity date, currency and amount accepted.
- Message type
- MT412
- Category
- 4
- Status
- In the current standard
- ISO 20022
- No direct equivalent
What MT412 is used for
In a documentary collection against acceptance (D/A), the documents are released when the drawee accepts a time draft. The MT412 reports that acceptance, so the remitting bank can tell its customer, the exporter, when payment is due. Payment at maturity is advised later with an MT400; a refusal to accept is advised with an MT416.
One message can cover up to ten drafts, all in the same currency. When the two banks see the collection differently (one collection with several items, or several collections), the repeated pairs of fields 20 and 21 carry the matching references.
- Sent by
- The collecting bank
- Sent to
- The remitting bank (or another collecting bank)
MT412 format: sequences and fields
Repetitive part (one per draft accepted)Mandatory, repeatable
Repeated up to ten times (rule C1, error T10). The currency in 32A must be the same in every repetition (rule C2, error C02).
| Tag | Name | Status | Format | Meaning |
|---|---|---|---|---|
| 20 | Sending Bank’s TRN | M | 16x | The collection number given by the sender, the collecting bank. |
| 21 | Related Reference | M | 16x | The remitting bank’s collection number. |
| 32A | Maturity Date, Currency Code, Amount Accepted | M | 6!n3!a15d | Maturity date of the accepted draft (YYMMDD), currency and amount accepted, with a comma as the decimal mark. |
Closing fieldMandatory
Appears once, after the repetitive part.
| Tag | Name | Status | Format | Meaning |
|---|---|---|---|---|
| 72 | Sender to Receiver Information | O | 6*35x | Additional information for the receiver. |
Format notation: n digits, a upper-case letters, c upper-case letters and digits, x any character of the Swift character set, d a decimal number with a comma, ! fixed length, [ ] optional, 4*35x up to 4 lines of 35 characters. M mandatory, O optional, C conditional (a rule decides).
ISO 20022
No ISO 20022 equivalent: Swift’s MT and MX equivalence table lists none for this message. Collection and cash letter messages in category 4 were not part of the CBPR+ migration of cross-border payment instructions and remain MT messages on Swift.
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