Category 7: Documentary credits, guarantees and standby letters of credit
MT787 Guarantee / Standby Letter of Credit Amendment Response
Written and maintained by ZagTrader. Last reviewed . How this page is sourced and checked
The MT787 tells the issuer of a guarantee or standby letter of credit whether the beneficiary accepted or rejected an amendment. The beneficiary sends it when the beneficiary is a bank; otherwise the advising bank sends it on the beneficiary’s behalf, directly or through other advising banks. It was introduced in the November 2021 guarantee release.
- Message type
- MT787
- Category
- 7
- Status
- In the current standard
- ISO 20022
- No direct equivalent
What MT787 is used for
An amendment to a guarantee or standby generally binds the beneficiary only once it accepts it. The issuer sends the amendment in an MT767 (and MT775); the answer comes back in an MT787 that quotes the undertaking number, the issuer and the amendment number (26E) and gives the status in field 23R, with an optional reason when the amendment is rejected.
Before 2021 this answer could be given in an MT768 acknowledgement. For documentary credits the same information still travels in the MT730.
- Sent by
- The beneficiary bank, or the advising bank acting for the beneficiary
- Sent to
- The issuer of the amendment
MT787 format: sequences and fields
Message text (block 4)Mandatory
No sequences and no network validated rules.
| Tag | Name | Status | Format | Meaning |
|---|---|---|---|---|
| 20 | Undertaking Number | M | 16x | The issuer’s number for the guarantee or standby. |
| 21 | Beneficiary Reference Number | O | 16x | The beneficiary’s own reference, if it has one. |
| 52a | IssuerOptions A or D | M | A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x | The party that issued the amendment. |
| 26E | Number of Amendment | M | 3n | The number of the amendment this response is about, as given in the MT767. |
| 23R | Amendment Status | M | /4!c/ [6*35x] | A code saying whether the amendment was accepted or rejected, with optional text giving the reason for a rejection. |
| 72Z | Sender to Receiver Information | O | 6*35z | Further information for the receiver. |
| 23X | File Identification | O | /4!c/65x | How a related file is delivered (a channel code) and its name or reference. |
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 in use on Swift. ISO 20022 defines tsrv.008 Undertaking Amendment Response for the same event, but guarantee messages between banks are still sent as MT.
All MT messages · Category 7 messages · ISO 20022 messages · Codes · Troubleshooting