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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

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.