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Supply Chain on SWIFT - Newsletter Q1 2014

31/01/2014 In the referenced newsletter, SWIFT have highlighted a few facts and figures.

MT798 - 20+ banks are live on the MT798 together with 10+ corporates.

BPO - 18 of the top 20 trade banks are adopting the BPO, with half of them live or ready for live transactions; 146 banks are connected to the Trade Service Utility (TSU) representing 83 banking groups; 25 corporates are live on BPO, mainly in Asia Pacific region.

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Refer to UCP 600 article 39. The presenting bank (bank B) has sent a full set of documents to the issuing bank (bank A) and bank A has sent an advice of acceptance to bank B and will effect payment on the due date. Before due date, bank B requested bank A to assign full proceeds to bank C. Subsequently, before due date, bank C requested bank A to assign full proceeds to bank D. Question: 1. Beginning, can bank A refuse bank B’s assignment request, and insist on effecting payment to bank B on due date? Bank A informed bank B as follows: The assignment agreement exists between your bank, the beneficiary and bank C, our bank is not a party of the assignment agreement, we refuse your assignment request. At due date, we will effect payment to your bank. After receipt of the proceeds, your bank may assign proceeds to bank C at the request of the beneficiary. 2. If bank A agreed bank B’s assignment request and replied “at due date, we will effect payment to bank C”, can bank A refuse bank C’s assignment request, and insist on effecting payment to bank C on due date? Bank A informed bank C as follows: As per UCP 600 article 39, only the beneficiary has the right to assign any proceeds, we have agreed effecting payment to your bank on due date at request of the beneficiary and bank B, we refuse your assignment request. At due date, we will effect payment to your bank. After receipt of the proceeds, your bank may assign proceeds to bank D.

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Supply Chain on SWIFT - Newsletter Q1 2014

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