Lesson check0 / 2 answered · 0 correct
Check 1
Which field can identify STBY as the form?
Check 2
Which message is commonly used for a standby amendment?
What is an MT760?
Learn the structured SWIFT message used for a standby or demand guarantee.
The basic meaning
MT760 is the SWIFT Category 7 message used to issue a demand guarantee or standby letter of credit.
An SBLC is the banking instrument; MT760 is the SWIFT message type used to issue or advise that undertaking. They are related, but they are not two names for exactly the same thing.
The message was redesigned into a structured format with separate fields for parties, amount, expiry, demand instructions and undertaking terms.
How to identify a standby
Field 22D is the Form of Undertaking.
The code STBY identifies a standby letter of credit; the same MT760 family can also carry a demand guarantee.
Fields beginners should find first
22D — form of undertaking.
40C — applicable rules.
52a — issuer.
59a — beneficiary.
32B — amount.
23B / 31E / 35G — expiry.
45C — demand documents and presentation instructions.
77U — undertaking terms and conditions.
MT760 is not proof by itself
A PDF that says MT760 is not the same as an authenticated bank message.
The receiving bank should verify the message through the proper banking channel.
Amendments
MT767 is the SWIFT message used for a guarantee / standby amendment.
Do not treat an edited PDF as an amendment to the bank undertaking.
Remember thisMT760 is the message structure. The actual bank undertaking still has to be authenticated and read in full.
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