Payment instrumentsmt700
MT700
SWIFT message type for issuing a documentary letter of credit.
MT700 is the SWIFT message type used to issue a documentary Letter of Credit (LC). It specifies applicant (buyer), beneficiary (seller), amount, expiry, documents required, and the terms of payment.
In physical oil trade, the LC is usually "at sight" against presentation of: commercial invoice, Bill of Lading, SGS inspection certificate, and origin certificates. Confirmed LCs via first-class banks (issuing + confirming) are the standard for emerging-market counterparties. UK/EU/US buyers with strong covenants may also use CAD (cash against documents) directly.
OilFlow Network never acts as applicant, beneficiary, issuing, advising, or confirming bank — the platform coordinates between parties via partner banks.
Frequently asked
- What does MT700 mean in oil and commodity trading?
- SWIFT message type for issuing a documentary letter of credit.
- How do I check a counterparty that uses MT700 in a deal?
- The term itself is not enough to clear or condemn a deal. What matters is the counterparty behind the pitch. Screen that name for free against OilFlow's first-party fraud-cluster corpus in seconds, and confirm identity documents and banking details independently before you transact.
See also
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