MT 740 Field Specifications

6. Field 59: Beneficiary

FORMAT

[/34x] 4*35x

(Account) (Name & Address)

PRESENCE

Conditional (C4)

DEFINITION

This field identifies the drawer of the drafts to be drawn on the reimbursing bank, when the drawer is the beneficiary.

USAGE RULES

Account must not be present.

The name of the drawer is mandatory but can also be indicated as 'beneficiary' in case of a transferable credit. The drawer's address is optional.