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24/06/2016 The following link provides the latest information with regard to banks and corporates that are either live or testing the BPO functionality.

https://corporates.swift.com/sites/sdccor/files/20160623_trade_digitisation_market_adoption.pdf

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Under a transferable credit the first beneficiary is allowed to substitute only invoice and draft. If the first beneficiary only substitutes its own drafts for those of the second beneficiary but does not substitute its own invoices, after the issuing bank receives the documents, how to describe the discrepancy? A. The second beneficiary invoices presented I/O the first beneficiary invoices. B. The beneficiary invoices not presented. C. Presented invoices not issued by the beneficiary and not made out to the applicant.

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