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SWIFT Postpones Category 7 Changes (SR 2019) to 2020

23/02/2019

Changes to SWIFT Category 7 messages for guarantees and standby letters of credit that had been scheduled to take effect in November 2019 have been deferred to November 2020.

 

As announced by SWIFT on 8 February, the decision follows country voting by User Group Chairpersons in December 2018 and SWIFT Banking Services Committee’s ratification of the voting results in January 2019 which overwhelming supported deferral of Standards Release (SR) 2019 for Category 7 (Guarantees / Standby Letters of Credit) messages to SR 2020.

 

For more information, see SWIFT Release highlights at: https://lnkd.in/gbiqrAQ


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Latest Question

We, as issuing bank, issued a credit available with any bank by negotiation at sight with the following clauses in field 78: +T/T reimbursement allowed +Our bank will pay the amount within 4 working days following the day of our receipt of reimbursement claim by SWIFT and email copies of documents from the negotiating bank certifying that the documents presented are fully complied with the terms and conditions of our credit. The claiming SWIFT has also to give the following details : shipment date, B/L NO., shipment quantity, description of goods, the courier service name and the relative courier service number. The negotiating bank must send the full set of documents by courier service to us the same day of your sending us the reimbursement claim. The negotiating bank must email the full set of documents with the covering schedule to the issuing bank email address :xxx@sina.com the same day of reimbursement claim. Question: According to the A/M clauses, which view is correct and why? View 1: when the issuing bank receives the copy of documents sent by email, the issuing bank should check the copy of documents. If they find them discrepant, the issuing bank should send advice of refusal to the negotiating bank. (In other words, the credit allows the presentation of documents by email and by T/T reimbursement claim?) View 2: ONLY when the issuing bank receives the full set of ORIGINAL set of documents by courier, the issuing bank will begin to check the documents. If they find them discrepant, the issuing bank should send advice of refusal to the negotiating bank.