What is Field 78: Instructions to the Paying/Accepting/Negotiating Bank ?
Field 78: Instructions to the Paying/Accepting/Negotiating Bank is a field in MT 700 swift message type that specify instructions to the paying, accepting or negotiating bank. It may also indicate if pre-notification of a reimbursement claim or pre-debit notification to the issuing bank is required.
This is an optional field.
According to current letter of credit rules;
- a bank utilizing the services of another bank for the purpose of giving effect to the instructions of the applicant does so for the account and at the risk of the applicant.
- an issuing bank or advising bank assumes no liability or responsibility should the instructions it transmits to another bank not be carried out, even if it has taken the initiative in the choice of that other bank.
- a bank instructing another bank to perform services is liable for any commissions, fees, costs or expenses (“charges”) incurred by that bank in connection with its instructions. If a credit states that charges are for the account of the beneficiary and charges cannot be collected or deducted from proceeds, the issuing bank remains liable for payment of charges.
MT 700
Field 78: Instructions to the Paying/Accepting/Negotiating Bank:
DEFINITION
This field specifies instructions to the paying, accepting or negotiating bank. It may also indicate if pre-notification of a reimbursement claim or pre-debit notification to the issuing bank is required.
USAGE RULES
When used to indicate pre-notification of a reimbursement claim or pre-debit notification to the issuing bank is required, the number and type, ie, banking or calendar, of days within which the issuing bank has to be notified should also be indicated.
