SWIFT: The Financial Messaging Platform for Letters of Credit

SWIFT – The financial messaging platform.
SWIFT is an acronym for ‘Society for Worldwide Interbank Financial Telecommunication’. SWIFT provides secure messaging services and interface software to wholesale financial institutions (mainly banks). The transmitted messages are highly encrypted and thus are accepted as a reliable and secure way of interbank electronic communication.

swift

Notable types of Swift messages that serve the documentary credit platform: i) MT700 and ii) MT740

MT700: MT 700 Swift message is sent by the Issuing bank to the Advising bank when issuing a Letter of Credit.

MT 700 Swift message has several fields that have designated numeric or alpha numeric field codes. For a description of the Various Fields that are used in issuing a Letter of Credit click here or on the button below to download:

DOWNLOAD: Field Tags and their Descriptions In L/C received by SWIFT MT700 message...

Business Skills Seminar

INTRODUCTION TO 'LETTERS OF CREDIT'

A Letter of Credit, also known as LC or Documentary Credit, is a commonly used instrument for effecting payment between a buyer and a seller. It can be a vital part of mitigating a seller's risk of payment in either international trade or domestic business.

This one-day course will allow the participant to gain a good understanding of the technical elements involved in the usage of a Letter of Credit and help avoid costly errors that could lead to nonpayment.
This seminar will be of particular benefit to those in credit, sales, business, associates, and managers involved in international trade. It would also benefit those who are interested in learning more about risk mitigation or are planning on breaking into foreign markets.

The course is case-based, interesting, and very practical.

Attendees will receive a comprehensive set of take-home materials that are covered in this program and will be awarded a 'Certificate of Completion' at the end of the course.

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Seminar: Letter of Credit

This one-day seminar gives a comprehensive overview of LCs and their application in mitigating payment risk...

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Country Credit Ratings

Credit Ratings from major credit agencies on different countries of the world to help in international risk assessment...

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Glossary of Trade Terms

This glossary is a basic guide to terms used in international trade transactions and letters of credit...

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International Trade Credit

Articles on Letters of Credit and international and domestic trade transactions. Review articles....

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