What does Swift MT 760 mean?
SWIFT (Society for Worldwide Interbank Financial Telecommunication) MT (Message Type) and the numbers indicates one of the many standardized message formats which comprise the SWIFT messaging system. These types of payment are internal bank applications for transferring money- Intermediaries cannot use such applications. When a bank issues an MT 760 it practically issues a payment guarantee, on behalf of a customer, typically having first blocked the same amount of funds in the customer’s account. Impossible incorrect flawed applications. Intermediaries can only use Non cumulative revolving UCP600 Bank issued Irrevocable Documentary Letter of Credits (PA IDLC) when attempting to close a deal. 21. What does this mean? Branches of a bank in different countries are considered to be separate banks. Am I to understand that branches of a bank in the same country are considered to be the same bank? Branches of particular banks are able to perform different functions as perceived by the UCP600
