What is Field 59: Beneficiary?
Field 59: Beneficiary is a field in MT 700 swift message type that is used to specify the party in favour of which the documentary credit is being issued.
This is a mandatory field, which means that it must be stated in all of the letters of credit issued via MT 700 swift format.
Beneficiary means the party in whose favour a credit is issued.
Presenter means a beneficiary, bank or other party that makes a presentation.
A beneficiary can in no case avail itself of the contractual relationships existing between banks or between the applicant and the issuing bank.
Except as provided in sub-article 29 (a), a presentation by or on behalf of the beneficiary must be made on or before the expiry date.
MT 700
Field 59: Beneficiary:
This field specifies the party in favour of which the documentary credit is being issued. Beneficiary is the exporter of the underlying contract.
