LOTS Release 14th November 2018 - Overview of SWIFT 2018 MT changes

LOTS has undergone changes to accommodate the SWIFT 2018 messaging changes for Letters of Credit.

Enhancements include changes in labels, attributes, validations and processing for SWIFT compliance and compatibility. Significant changes will be noticed in the amendment of Letters of Credit (LC) and Standby Letters of Credit (SBLC) where the structure of amendment screens now mirrors that of issuance screens.

Highlight of changes in SWIFT 2018 message standards:

ISSUANCE

  • Enablement of additional characters known as Z character set = ! “ % & * < > ; @ # _ { in selected fields.
    Error message
  • Increase in the length of selected narrative fields - support maximum field length of 800* 65 characters for Goods Description, Documents Required & Additional Instructions.
  • Inclusion of Period of presentation in days along with text field
    Period for Presentation in Days
  • Change in the selection option and field length for Partial Shipments and Transhipment fields. The possible selection values for both fields are now:
    • ALLOWED
    • CONDITIONAL (replaces “OTHER”) – if selected, message “Add details in Additional Instructions” is displayed.
    • NOT ALLOWED
  • Additional changes include:
    • Removal of Maximum Credit Amount specification from Letters of Credit.

AMENDMENTS

  • When completing an Amendment of a Letter of Credit on screen you will see that it shows all the details of the LC so you can review and change only those fields you need to change.
  • Compare view for Transaction review screens to showcase the changes between master and the transaction data (primarily for Amendment event)
    Amount and Confirmation Details
  • Addition of Amendment Number so you can easily track which version you are viewing and reconcile changes with your own records
    General Details
  • Narrative fields are split into their constituent parts (Goods, Documents & Additional Conditions) in Amendments to mirror issuance screens.
  • When amending the description of the Goods or Documents Required listed in the LC you can select the appropriate amendment instruction code e.g. ADD, DELETE or if replacing ALL the contents of a field REPALL (replace all) for the field you are amending and then simply add the changes you want to see. LOTS will submit the code you selected and your changes to the bank, standardising/simplifying the current manual and often confusing process of locating and editing words, phrases within such large text fields.
  • If you receive Export Letters of Credit via LOTS you will see all banks adopting the ADD, DELETE, REPALL (replace all) codes making amendments easier to read and apply and standardising the way amendments operate in the future.
  • Inclusion of new fields for Letter of Credit Amendments in addition to Letter of Credit Initiation fields are:
    • New Place of Expiry
    • Provision to include Confirmation and Amendment charges payable by

  • Removal of Confirmation charges payable by from Amendment Screens
  • Adjustments to the Amendment flow (LC & SBLC outward):
    • On screen warning when starting a new amendment is there is already an amendment pending Submission or release by the Bank, or awaiting Beneficiary response to an earlier amendment.