It is the Swift message used to issue a documentary credit, also called a letter of credit. The issuing bank (the buyer’s bank) sends it to the advising bank (usually in the seller’s country) with all the terms of the credit, and the advising bank passes them on to the seller.

Who sends an MT700 and who receives it?

The issuing bank sends it and the advising bank receives it. The applicant (buyer) and beneficiary (seller) are named in fields 50 and 59 but never send or receive the message themselves. If the credit must reach the beneficiary through another bank, that bank is named in field 57a.

What is the difference between MT700 and MT760?

The MT700 issues a documentary credit: the bank pays when the seller presents documents that comply with the credit. The MT760 issues a guarantee or a standby letter of credit: the bank pays against a demand, typically when the applicant has not performed. Swift restructured the MT760 in November 2021.

What is the difference between MT700 and MT701?

The MT701 is the continuation of an MT700. When the goods description, documents or conditions are too long for one message, the rest of the goods description, documents, conditions or special payment conditions goes in one or more MT701 messages with the same credit number in field 20.

What does UCP LATEST VERSION in field 40E mean?

That the credit is subject to the version of the ICC Uniform Customs and Practice for Documentary Credits in force on the issue date, which is UCP 600. UCPURR LATEST VERSION adds the ICC rules for bank-to-bank reimbursements (URR), and OTHR is used when other rules apply, explained after a slash.

Is the MT700 being replaced by ISO 20022?

Not yet. The November 2025 deadline covered cross-border payment instructions, not trade finance. ISO 20022 has messages for guarantees and standbys (tsrv) and for some trade services, but no message for issuing a documentary credit is in use, so banks still issue credits with the MT700.

Category 7: Documentary credits, guarantees and standby letters of credit

MT700 Issue of a Documentary Credit

Written and maintained by ZagTrader. Last reviewed 21 October 2026. How this page is sourced and checked

The MT700 is the Swift message an issuing bank sends to an advising bank to issue a documentary credit (letter of credit): it carries the full terms the beneficiary must meet to get paid. The issuing bank sends it after its customer, the applicant, has applied for the credit, and the advising bank passes the terms on to the beneficiary. It is a category 7 trade finance message and was not part of the November 2025 move of payment instructions to ISO 20022.

Message type: MT700
Category: 7
Structure: 39 fields listed
ISO 20022: No direct equivalent

When MT700 is used

A documentary credit starts with the buyer. The importer (the applicant) asks its bank to issue a credit in favour of the exporter (the beneficiary). Once the bank has approved the applicant’s credit line or taken cash cover, it becomes the issuing bank and sends an MT700 to a bank in the beneficiary’s country, the advising bank. The advising bank checks that the message really comes from the issuing bank (category 7 messages are authenticated between banks that have exchanged an RMA authorisation) and advises the credit to the beneficiary, sometimes through a second bank named in field 57a.

The MT700 is the operative credit instrument: unless it says otherwise, the credit advised to the beneficiary from this message is the credit itself. Everything the beneficiary must do to be paid is in it: the amount (32B), where and how the credit is available (41a), the latest shipment date (44C or 44D), the documents to present (46A), the presentation period (48) and the expiry date and place (31D).

Field 49 tells the advising bank whether it is asked to add its confirmation. A confirming bank takes on its own obligation to pay against compliant documents, so exporters ask for a confirmed credit when they want a bank in their own country to carry the payment risk. The bank asked to confirm is named in field 58a, added in the 2018 release.

One MT700 holds up to 10,000 characters. A credit with long goods descriptions or document lists continues in one or more MT701 messages (Issue of a Documentary Credit, continuation), which carry the same credit number in field 20 and are numbered in field 27 (1/3, 2/3, 3/3).

Other category 7 messages follow the credit through its life. The MT705 pre-advises a credit before the full MT700. The MT707 (with MT708 for long texts) amends it. The MT710 is used when an advising bank passes a credit on to another bank, and the MT720 when a transferable credit is transferred to a second beneficiary. The MT740 authorises a reimbursing bank, and the MT754 tells the issuing bank that documents were presented and paid, accepted or negotiated. Questions with no dedicated message often go in the free format MT799.

Demand guarantees and standby letters of credit have their own message, the MT760 (with MT767 for amendments), which Swift restructured in November 2021.

MT700 format: sequences and fields

Message text (block 4)Mandatory

The MT700 has no sequences: block 4 is one list of fields, shown here in the order of the 2018 release (SR2018), which is still the current layout. Fields marked C are optional but tied to a network rule. Fields with a z format may use the extended character set (including @ # = ! % & * ; and quotes).

Tag	Name	Status	Format	Meaning
27	Sequence of Total	M	1!n/1!n	Which message of the series this is, and how many there are. In the MT700 the first number is always 1. `1/1` means no MT701 follows; `1/3` means two MT701 messages follow.
40A	Form of Documentary Credit	M	24x	The type of credit, as a code: IRREVOCABLE or IRREVOCABLE TRANSFERABLE for a documentary credit. The SR2018 list also has IRREVOCABLE STANDBY and IRREVOC TRANS STANDBY; the revocable codes were removed in SR2018. Conditions on transferability go in 47A.
20	Documentary Credit Number	M	16x	The credit number given by the issuing bank. Every later message about this credit (MT701, MT707, MT754, MT799 and so on) quotes it. It must not start or end with a slash or contain two slashes in a row.
23	Reference to Pre-Advice	O	16x	Present only when the credit was pre-advised before this message. It starts with the code PREADV, a slash and a reference to the pre-advice, for example its date: `PREADV/261015`.
31C	Date of Issue	M	6!n	The date (YYMMDD) on which the issuing bank considers the credit issued. Optional before SR2018, mandatory since.
40E	Applicable Rules	M	30x[/35x]	The ICC rules the credit is subject to, as a code: UCP LATEST VERSION (UCP 600 today), UCPURR LATEST VERSION (UCP plus the URR rules for bank-to-bank reimbursement), EUCP LATEST VERSION and EUCPURR LATEST VERSION (electronic presentation), ISP LATEST VERSION (standbys) or OTHR. Text after a slash is allowed only with OTHR.
31D	Date and Place of Expiry	M	6!n29x	The last day for presenting documents (YYMMDD) followed by the place where they must be presented, for example `270131LONDON`. A presentation after this date is late whatever else is in order.
51a	Applicant BankOptions A or D	O	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	The applicant’s own bank, when it is not the issuing bank, for example when a bank asks a correspondent to issue the credit on its behalf.
50	Applicant	M	4*35x	The party that asked for the credit, usually the buyer or importer: name and address in up to four lines.
59	Beneficiary	M	[/34x] 4*35x	The party in whose favour the credit is issued, usually the seller or exporter, with an optional account on the first line and the name and address below.
32B	Currency Code, Amount	M	3!a15d	The currency and amount of the credit, with a comma as the decimal mark (same amount syntax as field 32A in payments). Tolerances and extra amounts go in 39A and 39C, not here.
39A	Percentage Credit Amount Tolerance	O	2n/2n	How far the drawings may go above and below the amount, in percent: `05/05` allows 5% more or 5% less. Field 39B (Maximum Credit Amount, NOT EXCEEDING) was removed in SR2018.
39C	Additional Amounts Covered	O	4*35x	Amounts the beneficiary may claim on top of the credit amount, such as freight, insurance or interest.
41a	Available With ... By ...Options A or D	M	A: 4!a2!a2!c[3!c] 14x D: 4*35x 14x	Where documents may be presented (the nominated bank) and how the credit is paid, with one of the codes BY PAYMENT (at sight), BY DEF PAYMENT (deferred payment, details in 42P), BY ACCEPTANCE (of a draft), BY NEGOTIATION or BY MIXED PYMT (details in 42M). A freely negotiable credit uses option D with ANY BANK or ANY BANK IN followed by a city or country.
42C	Drafts at ...	C	3*35x	The tenor of the drafts (bills of exchange) to be drawn, for example SIGHT or 90 DAYS AFTER BILL OF LADING DATE. Always together with 42a.
42a	DraweeOptions A or D	C	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	The bank the drafts are drawn on. It must be a bank and the party identifier is not used. If the documents must include a draft drawn on the applicant, that draft is listed as a document in 46A instead.
42M	Mixed Payment Details	C	4*35x	For a credit available BY MIXED PYMT: which part is paid when, and how the dates and amounts are worked out, for example 30% at sight and 70% at 90 days.
42P	Negotiation/Deferred Payment Details	C	4*35x	For a credit available by deferred payment or by negotiation without drafts: the payment date or how to work it out, for example 60 DAYS AFTER BILL OF LADING DATE. Renamed in SR2018 (previously Deferred Payment Details).
43P	Partial Shipments	O	11x	Whether the goods may be shipped in several lots: ALLOWED, NOT ALLOWED or CONDITIONAL (the conditions are then written elsewhere, usually in 47A). These codes replaced PERMITTED and NOT PERMITTED in SR2018.
43T	Transhipment	O	11x	Whether the goods may be moved from one vessel or vehicle to another on the way: ALLOWED, NOT ALLOWED or CONDITIONAL.
44A	Place of Taking in Charge/Dispatch from .../Place of Receipt	O	140z	The place the transport document must show as the place where the goods were received, dispatched or taken in charge, for example a factory or inland depot under a multimodal or road document.
44E	Port of Loading/Airport of Departure	O	140z	The port or airport the transport document must show as the place of loading or departure.
44F	Port of Discharge/Airport of Destination	O	140z	The port or airport the transport document must show as the place of discharge or arrival.
44B	Place of Final Destination/For Transportation to .../Place of Delivery	O	140z	The final destination or place of delivery to be shown on the transport document, when it differs from the port of discharge.
44C	Latest Date of Shipment	C	6!n	The last date (YYMMDD) for loading on board, dispatch or taking in charge. Either 44C or 44D, not both.
44D	Shipment Period	C	6*65x	A shipment window in words instead of a single latest date, for example shipments spread over several months. Either 44C or 44D, not both.
45A	Description of Goods and/or Services	O	100*65z	What is being sold: goods, quantities, unit prices and the Incoterms rule (for example CIF JEBEL ALI). Each item starts on a new line with a plus sign. Text that does not fit continues in field 45A of an MT701.
46A	Documents Required	O	100*65z	The documents the beneficiary must present: commercial invoice, transport document, insurance document, certificate of origin, packing list and so on, each on a new line starting with a plus sign. This field decides whether a presentation is complying, so it is where most discrepancies come from.
47A	Additional Conditions	O	100*65z	Any other conditions of the credit: language of documents, discrepancy fees, transfer conditions, and for eUCP credits the electronic address for presenting electronic records.
49G	Special Payment Conditions for Beneficiary	O	100*65z	New in SR2018. Payment conditions that apply to the beneficiary and that the advising bank passes on, for example terms for financing after shipment.
49H	Special Payment Conditions for Receiving Bank	O	100*65z	New in SR2018. Payment conditions meant only for the receiving bank and not to be disclosed to the beneficiary, for example conditions for post-financing that concern the banks alone.
71D	Charges	O	6*35z	Charges that the beneficiary must bear, in words or with codes such as /COMM/ or /TELECHAR/ followed by currency and amount. If the field is absent, all charges except negotiation and transfer charges are for the applicant. Replaced field 71B in SR2018.
48	Period for Presentation in Days	O	3n[/35x]	How many calendar days after shipment the beneficiary has to present documents, for example `21`. The text after the slash is used only when the period counts from another date, such as the invoice date. If absent, the period is 21 days after shipment, where that applies.
49	Confirmation Instructions	M	7!x	Whether a bank is asked to add its confirmation: CONFIRM (it is asked to confirm), MAY ADD (it may confirm if the beneficiary asks) or WITHOUT (no confirmation requested).
58a	Requested Confirmation PartyOptions A or D	O	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	New in SR2018. The bank asked to confirm, or allowed to confirm, the credit. It must be given when 49 is CONFIRM or MAY ADD and a second advising bank is named in 57a.
53a	Reimbursing BankOptions A or D	O	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	The bank the issuing bank has authorised to reimburse the paying, accepting or negotiating bank. When it is absent and the two banks have a single direct account in the credit currency, that account is used (except for credits available by negotiation).
78	Instructions to the Paying/Accepting/Negotiating Bank	O	12*65x	Instructions for the nominated bank: how to send the documents, how to claim reimbursement, and whether the issuing bank wants a pre-notification before a claim or a debit, with the number of days.
57a	'Advise Through' BankOptions A, B or D	O	A: [/1!a][/34x] 4!a2!a2!c[3!c] B: [/1!a][/34x] [35x] D: [/1!a][/34x] 4*35x	A second bank, different from the Receiver, through which the credit is to be advised to the beneficiary, usually the beneficiary’s own bank.
72Z	Sender to Receiver Information	O	6*35z	Bank-to-bank remarks. Codes between slashes at the start of a line give structure, for example /PHONBEN/ (contact the beneficiary by phone) or /TELEBEN/ (advise the beneficiary by the fastest means). Replaced field 72 in SR2018.

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).

Rules worth knowing

Drafts and payment details: 42C and 42a are used together. The credit carries either 42C with 42a, or 42M alone, or 42P alone; no other combination passes network validation (error C90).
Shipment: either 44C (latest date) or 44D (shipment period) may be present, not both (error D06).
Field 40E may carry a narrative after the slash only when the code is OTHR (error D81).
Field 41a with BY DEF PAYMENT needs the payment terms in 42P, and BY MIXED PYMT needs them in 42M. BY PAYMENT means payment at sight.
Field 58a must be present when 49 is CONFIRM or MAY ADD and 57a names a second advising bank, so it is clear which bank the confirmation request is for.
In 45A, 46A and 47A each new item starts on a new line with a plus sign, or numbered as +1), +2). Text that continues in an MT701 must not repeat or contradict what is in the MT700.
Banks should name parties by BIC instead of words such as "ourselves" or "you", so that the advising bank can pass the credit on without doubt.
Since SR2018 (live 18 November 2018) field 31C is mandatory, 39B, 71B and 72 are gone (71D and 72Z replace the last two), 49G, 49H and 58a are new, and 43P and 43T use the codes ALLOWED, NOT ALLOWED and CONDITIONAL.

MT700 example

Gulf Trading LLC in Dubai imports 500 industrial pumps from Acme Components Ltd in London. Its bank, ZagTrader Test Bank (ZAGTAEADXXX), issues an irrevocable credit for USD 250,000.00, subject to UCP 600 and the URR reimbursement rules, and sends the MT700 to BANKGB2LXXX in London as advising bank. The credit is available at BANKGB2LXXX by sight payment, BANKGB2LXXX is asked to confirm, and the London branch ZAGTGB2LXXX is the reimbursing bank. Everything fits in one message, so field 27 is 1/1.

{1:F01ZAGTAEADAXXX0000000000}{2:I700BANKGB2LXXXXN}{4:
:27:1/1
:40A:IRREVOCABLE
:20:ZTLC2610200001
:31C:261020
:40E:UCPURR LATEST VERSION
:31D:270131LONDON
:50:GULF TRADING LLC
OFFICE 1204 BUSINESS BAY TOWER
DUBAI, UAE
:59:/GB42BANK40051587654321
ACME COMPONENTS LTD
1 HIGH STREET
LONDON, UK
:32B:USD250000,00
:39A:05/05
:41A:BANKGB2LXXX
BY PAYMENT
:43P:ALLOWED
:43T:NOT ALLOWED
:44E:FELIXSTOWE, UK
:44F:JEBEL ALI, UAE
:44C:261215
:45A:+500 INDUSTRIAL PUMPS MODEL ZP-200 AS PER PROFORMA
INVOICE PI-2026-118 DATED 05 OCT 2026
+CIF JEBEL ALI INCOTERMS 2020
:46A:+SIGNED COMMERCIAL INVOICE IN 3 ORIGINALS
+FULL SET OF CLEAN ON BOARD OCEAN BILLS OF LADING MADE OUT
TO THE ORDER OF ZAGTRADER TEST BANK, DUBAI, MARKED FREIGHT
PREPAID AND NOTIFY APPLICANT
+INSURANCE CERTIFICATE FOR 110 PCT OF INVOICE VALUE
COVERING INSTITUTE CARGO CLAUSES (A)
+CERTIFICATE OF ORIGIN ISSUED BY A CHAMBER OF COMMERCE
+PACKING LIST IN 2 COPIES
:47A:+ALL DOCUMENTS MUST BE ISSUED IN ENGLISH
+A DISCREPANCY FEE OF USD 100.00 WILL BE DEDUCTED FROM
THE PROCEEDS OF EACH DISCREPANT PRESENTATION
:71D:ALL BANKING CHARGES OUTSIDE THE
UAE ARE FOR BENEFICIARY ACCOUNT
:48:21
:49:CONFIRM
:58A:BANKGB2LXXX
:53A:ZAGTGB2LXXX
:78:+SEND ALL DOCUMENTS TO US IN ONE LOT BY COURIER
+UPON PAYMENT CLAIM REIMBURSEMENT FROM ZAGTGB2LXXX
+PRE-NOTIFICATION OF CLAIM NOT REQUIRED
:72Z:/PHONBEN/
-}

Decode this example in the parser

Line by line

Line	What it says
{1:F01ZAGTAEADAXXX0000000000}{2:I700BANKGB2LXXXXN}{4:	Basic header (sender ZAGTAEADXXX, the issuing bank) and application header (input MT700 to BANKGB2LXXX, the advising bank, normal priority).
:27:1/1	First and only message: no MT701 follows.
:40A:IRREVOCABLE
:20:ZTLC2610200001	The credit number every later message will quote.
:31C:261020	Issued on 20 October 2026.
:40E:UCPURR LATEST VERSION	Subject to the current UCP and, for reimbursement, the current URR.
:31D:270131LONDON	Documents must be presented in London by 31 January 2027.
:50:GULF TRADING LLC	Applicant: the importer.
OFFICE 1204 BUSINESS BAY TOWER
DUBAI, UAE
:59:/GB42BANK40051587654321	Beneficiary: the exporter, with its account (a test IBAN) on the first line.
ACME COMPONENTS LTD
1 HIGH STREET
LONDON, UK
:32B:USD250000,00	Credit amount. Comma as the decimal mark.
:39A:05/05	Drawings may be up to 5% above or below the amount.
:41A:BANKGB2LXXX	Available with the advising bank...
BY PAYMENT	...by payment at sight. No drafts, so no 42C or 42a.
:43P:ALLOWED
:43T:NOT ALLOWED
:44E:FELIXSTOWE, UK	Port of loading.
:44F:JEBEL ALI, UAE	Port of discharge.
:44C:261215	Latest shipment date 15 December 2026, so 44D is not allowed.
:45A:+500 INDUSTRIAL PUMPS MODEL ZP-200 AS PER PROFORMA	Goods description, one item per line starting with a plus sign, with the Incoterms rule.
INVOICE PI-2026-118 DATED 05 OCT 2026
+CIF JEBEL ALI INCOTERMS 2020
:46A:+SIGNED COMMERCIAL INVOICE IN 3 ORIGINALS	Documents required: the field the presentation is checked against.
+FULL SET OF CLEAN ON BOARD OCEAN BILLS OF LADING MADE OUT
TO THE ORDER OF ZAGTRADER TEST BANK, DUBAI, MARKED FREIGHT
PREPAID AND NOTIFY APPLICANT
+INSURANCE CERTIFICATE FOR 110 PCT OF INVOICE VALUE
COVERING INSTITUTE CARGO CLAUSES (A)
+CERTIFICATE OF ORIGIN ISSUED BY A CHAMBER OF COMMERCE
+PACKING LIST IN 2 COPIES
:47A:+ALL DOCUMENTS MUST BE ISSUED IN ENGLISH	Additional conditions.
+A DISCREPANCY FEE OF USD 100.00 WILL BE DEDUCTED FROM
THE PROCEEDS OF EACH DISCREPANT PRESENTATION
:71D:ALL BANKING CHARGES OUTSIDE THE	Charges borne by the beneficiary, in words (35 characters a line at most).
UAE ARE FOR BENEFICIARY ACCOUNT
:48:21	Documents within 21 calendar days after shipment (and before expiry).
:49:CONFIRM	The advising bank is asked to add its confirmation.
:58A:BANKGB2LXXX	The bank asked to confirm.
:53A:ZAGTGB2LXXX	Reimbursing bank: the paying bank claims the funds from here.
:78:+SEND ALL DOCUMENTS TO US IN ONE LOT BY COURIER	Instructions to the paying bank.
+UPON PAYMENT CLAIM REIMBURSEMENT FROM ZAGTGB2LXXX
+PRE-NOTIFICATION OF CLAIM NOT REQUIRED
:72Z:/PHONBEN/	Bank-to-bank remark: please contact the beneficiary by phone.
-}	End of block 4.

The BICs, names, addresses, the IBAN and the credit number are made up. The IBAN carries valid check digits.

No 42C, 42a, 42M or 42P is present because the credit is paid at sight without drafts. A credit available BY DEF PAYMENT would add 42P, for example 60 DAYS AFTER BILL OF LADING DATE.

Common errors and rejects

Drafts and payment details in the wrong combination (C90)
42C was sent without 42a (or the other way round), or 42P or 42M was sent together with drafts. Pick one: 42C with 42a, or 42M alone, or 42P alone, and make sure it matches the code in 41a.
Both 44C and 44D present (D06)
A credit has either a latest shipment date or a shipment period, never both. If the credit has staggered shipments, use 44D and describe the schedule; otherwise keep only 44C.
Narrative in 40E without OTHR (D81)
Text after the slash in 40E, for example UCP LATEST VERSION/UCP 600, is rejected. Send the code alone, or use OTHR with the narrative when the credit is subject to other rules or to a specific older version.
Wrong code in 41a
Codes such as BY SIGHT PAYMENT or BY DEFERRED PAYMENT are not valid. The code must be exactly one of BY PAYMENT, BY DEF PAYMENT, BY ACCEPTANCE, BY NEGOTIATION or BY MIXED PYMT.
Pre-2018 values still in use
Templates built before SR2018 still produce PERMITTED or NOT PERMITTED in 43P and 43T, REVOCABLE codes in 40A, field 39B, 71B or 72, or leave out 31C. Since November 2018 the codes are ALLOWED, NOT ALLOWED and CONDITIONAL, 31C is mandatory and the fields are 71D and 72Z. Update the template, not each message.
Amount format in 32B
The amount needs a comma as the decimal mark, at least one digit before it, and no more decimals than the currency allows: USD250000,00, not USD250,000.00. The syntax is the same as in payment field 32A.
How to fix it

ISO 20022

There is no ISO 20022 page for the MT700 because it has no MX replacement in use on the Swift network. Swift ended the MT/MX coexistence period on 22 November 2025 for cross-border payment instructions only. Trade finance messages in category 7, including the MT700, MT701 and MT707, were not part of that deadline and are still exchanged in MT format.

ISO 20022 does have trade message sets. The tsrv (Trade Services) messages cover undertakings, that is demand guarantees and standby letters of credit, starting with tsrv.001 Undertaking Issuance. The tsin (Trade Services Initiation) messages include tsin.005 Undertaking Application and invoice financing requests (tsin.001). The tsmt (Trade Services Management) messages match and report trade data between banks and underpin the Bank Payment Obligation. In the catalogue we checked there is no ISO 20022 message for issuing a commercial documentary credit.

What did change in November 2025 is the money. When a credit is paid or reimbursed, the funds move between banks in payment messages, and those are ISO 20022 on Swift now: a bank-to-bank transfer is a pacs.009 rather than an MT202. Operations teams therefore reconcile category 7 MT traffic against ISO 20022 payments.

MT700 questions

What is an MT700?: It is the Swift message used to issue a documentary credit, also called a letter of credit. The issuing bank (the buyer’s bank) sends it to the advising bank (usually in the seller’s country) with all the terms of the credit, and the advising bank passes them on to the seller.
Who sends an MT700 and who receives it?: The issuing bank sends it and the advising bank receives it. The applicant (buyer) and beneficiary (seller) are named in fields 50 and 59 but never send or receive the message themselves. If the credit must reach the beneficiary through another bank, that bank is named in field 57a.
What is the difference between MT700 and MT760?: The MT700 issues a documentary credit: the bank pays when the seller presents documents that comply with the credit. The MT760 issues a guarantee or a standby letter of credit: the bank pays against a demand, typically when the applicant has not performed. Swift restructured the MT760 in November 2021.
What is the difference between MT700 and MT701?: The MT701 is the continuation of an MT700. When the goods description, documents or conditions are too long for one message, the rest of the goods description, documents, conditions or special payment conditions goes in one or more MT701 messages with the same credit number in field 20.
What does UCP LATEST VERSION in field 40E mean?: That the credit is subject to the version of the ICC Uniform Customs and Practice for Documentary Credits in force on the issue date, which is UCP 600. UCPURR LATEST VERSION adds the ICC rules for bank-to-bank reimbursements (URR), and OTHR is used when other rules apply, explained after a slash.
Is the MT700 being replaced by ISO 20022?: Not yet. The November 2025 deadline covered cross-border payment instructions, not trade finance. ISO 20022 has messages for guarantees and standbys (tsrv) and for some trade services, but no message for issuing a documentary credit is in use, so banks still issue credits with the MT700.

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