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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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Latest Question

We issued a LC. Field 45A:"Phosphorus Oxychloride. Incoterms 2020 CIF any port in country Y". Field 44E: any port in country Y. Field 44F: any port in country X. Commercial invoice shows the exact description and claims the full LC amount. Underneath the goods description, there are three more items as drum, bubbler etc. and they are described as "non-commercial value, return after use" between brackets for each which have quantity and unit price. But the values of those three items are not added to the total invoice amount. Additionally, port of loading on bill of lading is ABC port, country X. Invoice states "CIF DEF port in country Y, bubblers need to return, CIF ZZZ port, country X." We call it a discrepancy that commercial invoice shows goods not described in the LC. Q1. Is it correct? Q2. Is there any other discrepancy related to the Incoterms?