SWIFT check0 / 1 answered · 0 correct
Check 1
What is the safest basic description of MT760?
What SWIFT Is — and Is Not
Start with the difference between a secure messaging network and a financial instrument.
The simple idea
SWIFT provides financial institutions with standardised secure messaging services. Banks use message types to communicate structured financial instructions and information.
Reviewed: September 2026Standards and bank policy can change.How MyGreed classifies proceduresOfficial-source directory
Message ≠ instrument
MT700 can issue a documentary credit; MT760 can issue a demand guarantee or standby. The message carries/communicates the undertaking, but the MT number is not itself the whole legal instrument concept.
Authentication
Receiving banks use their SWIFT infrastructure and controls to authenticate messages. A forwarded PDF or screenshot is not equivalent to independent bank-channel receipt.
Standards change
SWIFT maintains standards through regular releases. MyGreed teaches the purpose and common fields, while live transactions should be checked against the current standard used by the banks.
Source / standards noteSWIFT standards evolve through standards releases. This page teaches message purpose and common concepts; banks should use the current official message specification for live traffic.
Remember thisSWIFT is a bank messaging system; MT numbers describe message types, not magical financial assets.
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