MT 707 Field Specifications

8. Field 59: Beneficiary (before this amendment)

FORMAT

[/34x]
4*35x
(Account)
(Name & Address)

PRESENCE

Mandatory

DEFINITION

This field specifies the party in favour of which the documentary credit was issued, or transferred, prior to this amendment.

USAGE RULES

It is used to assist the recipient in identifying the credit.

The presence of this field should not be interpreted to imply that the beneficiary is being changed.

If the name of the beneficiary is being amended by this message, this must be specified in field 79, along with the relevant details, eg, the name and address of the new beneficiary.