MT744 - Notice of Non-Conforming Reimbursement Claim
In a further move to reduce the number of MT799 messages that are sent between banks and to utilise structured messages for different actions under a transaction, the MT744 has been created.
Prior to the development of this message, if a reimbursing bank was unable to honour a reimbursement claim due to it not conforming to the content of an MT740, it would send a free format MT799 message.
From 18 November, a reimbursing bank that is unable to honour a reimbursement claim due to a failure of the claiming bank to comply with the MT740 requirements should send the MT744 message.
There will be 10 fields in total, of which 7 will be mandatory for completion. The mandatory fields include the obvious requirements of the sender's reference, claiming bank's reference, name of the issuing bank and the documentary credit number. The other mandatory fields are the total amount that was claimed, the reason for non-payment (field 73R) and the disposal of the reimbursement claim (field 73S).
The three optional fields are date of issue (of the documentary credit), details of the reimbursing bank's charges (if any) and any sender to receiver information.
For field 73R (Reason for Non-Payment), there are 10 codes and one must be used in the message:
DIFF Different Claiming Bank
DUPL Duplicate Claim
INSU Insufficient information in the claim (for example, payment instruction incomplete,
shipping data missing)
NAUT Not authorised by Issuing Bank to reimburse
OTHR Any other reason which must be specified in text
OVER Total claim exceeds maximum documentary credit amount (excluding any additional amounts covered)
REFE Refer to Issuing Bank for further instructions
TTNA TT claim not allowed
WINF Information stated in the claim differ from the Reimbursement Authorisation
XAMT Total claim exceeds available documentary credit amount (sum of maximum credit amount and additional amounts covered)
For field 73S (Disposal of Reimbursement Claim), there are 3 codes and one must be used in the message:
CANC Claim has been cancelled
HOLD Claim is held
RETD Claim has been returned
If HOLD is used, any further details should be added.
For field 71D (Reimbursing Bank's Charges), there are 9 codes and one or more must be used in the message:
AGENT Agents' Commission
COMM Our Commission
CORCOM Our Correspondent's Commission
DISC Commercial Discount
INSUR Insurance Premium
POST Our Postage
STAMP Stamp Duty
TELECHAR Teletransmission Charges
WAREHOUS Wharfing and Warehouse
MT759 - Ancillary Trade Structured Message
Once again, in a further move to reduce the number of MT799 messages that are sent between banks and to utilise structured messages for different actions under a transaction, the MT759 has been created. It is also stressed that this message should NOT be used where an existing MT message is available.
This message is designed to be sent between banks to either request or provide information relating to a transaction including documentary credits, demand guarantees, standby letters of credit or any other form of undertaking.
There will be 9 fields in total, of which 5 will be mandatory for completion. The mandatory fields are the obvious requirements of sequence of total, transaction reference number, form of undertaking, function and narrative.
For field 22D (Form of Undertaking), there are 4 codes and one must be used in the message:
DGAR Demand Guarantee
DOCR Documentary Credit
STBY Standby Letter of Credit
UNDK Undertaking (foe example, guarantee, surety)
For field 23H (Function), there are 11 codes and one must be used in the message:
CLSVOPEN Opening of Client Service Call by Trade Operations
CLSVCLOS Closing of Client Service Call by Trade Operations
FRAUDMSG Advice of Fraud Attempt
GENINFAD General Information Advice
ISSAMEND Amendment to a free-form Undertaking such as a Dependent Guarantee
ISSUANCE Issue of a free-form Undertaking such as a Dependent Guarantee
OTHERFNC Other Request
REIMBURS Request related to a Reimbursement
REQAMEND Request to Amend an Undertaking
REQFINAN Financing Request
REQISSUE Request to Issue an Undertaking
Field 45B (Narrative), must then provide details of the request or information.