F50: Applicant is a mandatory field in MT700 SWIFT message.
This field specifies the party on which request the LC is issued.
Actually, the buyer/importer’s name and address are mentioned here. If the address cannot be mentioned here due to space limitation, it can be mentioned in F47A (Additional Conditions).
Let’s see an example:
In the F47A (Additional Conditions) the detailed address is then mentioned:
According to UCP600:
“Applicant means the party on whose request the credit is issued.”
The applicant submits necessary documents to the LC issuing bank for opening an LC. The LC issuing bank act as the grantor of the Applicant for the trade. So the applicant should have a proper arrangement with the bank for LC opening.
According to SWIFT:
Definition:
“This field specifies the party on behalf of which the documentary credit is being issued.”
Let’s see another example. Here you will see address and even phone number is mentioned:
If you have any thoughts you can share them with us.
