ICBPO/ICPO by 799

Discussion in 'Questions or Technical Problems' started by GGDUBAI, Aug 30, 2011.

  1. GGDUBAI

    GGDUBAI New Member

    Somebody made me a remark that an ICPO/ICBPO by MT799 is NOT legal ... is this remark correct? Can one ask to have an ICPO/ICBPO sent by 799?
     
  2. Templar

    Templar Super Moderator

    Swift MT 7 XX series deals with trade credit, payment guarantees etc.

    Within that range, 799 is a free format message.

    There are no restrictions on a purchase order transmitted via that, if it tied

    to a contract and an LC.

    Looks like you are dealing with guys who are trying their luck with you by using false information.
     
  3. GGDUBAI

    GGDUBAI New Member

    Thx

    Thx for the info Templar. I am pretty new to the scene & have a lot to learn. I am talking to a friend of a friend, a guy i don't know personally & who is fishing for an instrument i think is way out of his league! I only take into account customers that i can meet in the flesh, have a spending budget for planetickets & hotels.

    As we have a new customer, who is a big player (i have been properly introduced to him & am scheduled to meet him now) and is willing to 'test' us out with a smaller instrument, we are making a proposition in the procedure to get paid with an ICBPO, linked to the contract (which will be lodged in both banks) and to be sent to us by 799, payment to be made 7 days after authentication & confirmation of the 760.

    I sent this procedure, just out of curiosity, to this guy thai think is fishing for an instrument to get rich & he answered me that this procedure was ILLEGAL. Therefore i ask around.

    Best regards !
     
  4. Templar

    Templar Super Moderator

    MT 760 is a bank guarantee
    You can do multiple things with it and run with the money, depending on the verbiage

    The standard is a trade LC
     

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