MT 742 Reimbursement Claim

MT 742 is a swift message type that is sent by the paying/negotiating bank to the bank authorized to reimburse the Sender for its payments/negotiations.

Ozgur Eker (CDCS)

8 October 2018

34253

Swift is a provider of secure message platform for financial institutions mainly for banks.

Swift messages are being sent and received by banks in encrypted forms. As a result swift messages are accepted as a valid and reliable way of communication between banks.

For example, an issuing bank sends a swift message to an advising bank in order to inform issuance of a documentary credit. Similarly the advising bank sends its acknowledgement via a swift message.

Swift messages play a key role not only in letters of credit but also other payment methods in international trade such as cash in advance payment, documentary collections, open accounts and bank payment obligations.

What is MT 742 Reimbursement Claim?

MT 742 is a swift message type that is sent by the paying/negotiating bank to the bank authorized to reimburse the Sender for its payments/negotiations.

It is used to claim reimbursement of payment(s) or negotiation(s) under a documentary credit, as relevant to the reimbursing bank.

On below table you can find detailed explanations of the fields used under MT 742 Reimbursement Claim swift messages.