MT760

^{An MT760 is a, secure, authenticated SWIFT message type used by banks to issue or guarantee financial instruments, primarily Standby Letters of Credit (SBLC) and Bank Guarantees. It acts as a legally binding commitment, informing a beneficiary's bank that funds are locked, secured, or pledged, without acting as an immediate payment transfer.} 

^{Key Aspects of MT760:}

• ^{Purpose: It formally guarantees payment to a beneficiary if the applicant (buyer) defaults on a contract.}
• ^{Content: It includes detailed information like the sender, receiver, amount, expiry, and terms.}
• ^{Usage: Commonly used in international trade, trade finance, and to secure lines of credit.}
• ^{Security: It is an authenticated message sent directly between banks, reducing risk.}
• ^{Not a Transfer: Unlike an MT103 (payment), an MT760 only guarantees that funds will be paid upon demand or compliance.} 

^{MT760 vs. Other Messages:}

• ^{MT760: Issues a guarantee or SBLC (active commitment).}
• ^{MT799: A free-format message used for pre-advice or to confirm account details, but not for issuing instruments.}
• ^{MT103: A direct, immediate bank-to-bank payment.} 

^{MT760s are essential for high-stakes international deals to ensure payment security.}

MT600

^{MT600 primarily refers to a SWIFT message type (Precious Metal Trade Confirmation) used in international banking to confirm the details of trades, contracts, or amendments for precious metals between financial institutions or corporates. It falls under Category 6, which covers treasury markets and commodities.}                                                  

^{Key details about the SWIFT MT600 include:}

• ^{Function: Used to confirm a new contract, amend a previous one, cancel a contract, or settle a exercised metal option.}
• ^{Usage: It handles the contract portion of a trade, while actual delivery is managed via MT604 and financial settlement often requires MT202/MT900 series messages.}
• ^{Alternatives: In some contexts, it is also referred to as a "Commodity Trade Confirmation".} 

^{Based on trade procedures, the communication and subsequent actions involving an MT600 usually happen within the following timeframes:}

^{Message Transmission: The MT600 is usually sent by the seller's bank to the buyer's bank immediately after the shipment is verified and secured.}

^{Advising the Client: The buyer's bank typically advises (notifies) the client (buyer) of the received MT600 within 24 to 48 hours.}

^{Transaction Closing (Payment): In many gold/precious metal procedures, the, MT600, along with other documents, triggers the final payment (MT103) within 48 to 72 hours after successful refining, assay, and documentation verification.}