Correspondent & Reimbursement check0 / 1 answered · 0 correct
Check 1
Which message is associated with a reimbursement claim?
MT740, MT742 and Reimbursement Messaging
Understand the message functions without memorising every field.
MT740
MT740 is used for authorization to reimburse in documentary-credit workflows. It tells the reimbursing bank about the reimbursement authority/instructions.
MT742
MT742 is used for a reimbursement claim. It carries claim details such as the amount and references needed by the reimbursing bank.
Message is not rulebook
The SWIFT message format and URR/UCP rules are separate layers. A message can reference a transaction governed by particular rules.
Current standards
SWIFT standards are updated by release. For live work, always check the current Category 7 standards rather than relying on an old field list.
Standards / source note: Correspondent and reimbursement arrangements depend on bank agreements, current SWIFT standards and, where incorporated, ICC rules such as URR 725.
Remember thisMT740 is authorization; MT742 is claim. Neither message alone replaces the underlying credit or reimbursement rules.
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