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Continuation Of 3-26234577371 : Issue With Field 31C On SWIFT MT710 Of Export LC (Doc ID 2868127.1)

Last updated on MAY 17, 2022

Applies to:

Oracle FLEXCUBE Universal Banking - Version 12.3 to 12.4.0.0.0
Information in this document applies to any platform.

Symptoms

On : 12.3 version, Production Support-SET

Issue with field 31C on SWIFT MT710 of Export LC

While bank working as 1st Advisory bank, receives an export LC request after closing time and user books the Export LC contract in next day as backdated Export LC where Issue Date and Effective Date is earlier to system date/back dated, the Accounting Journals are posted with back – value date and it creates a Positions on Our Books with back date . This is not acceptable from IFRS accounting standards.

So user input the LC with system date and filling the Original message date from Issuing bank in ” DATED” field in the PARTIES Tab for the party ISB. System posts the accounting journal as expected. But the outgoing SWIFT MT710 to 2nd Advisory bank (i.e. ATB), system picks up the Issue Date for our export LC instead of picking up the date from ” DATED” field from the PARTIES Tab for the party ISB.
Acting as 1st advising bank, we need to authenticate and pass through the whole original message accurately reflects the terms and conditions of the message received from issuing bank.


EXPECTED BEHAVIOR ------- Expectation: F31C in MT710 should pick the date from ” DATED” field from the PARTIES Tab for the party ISB

STEPS:
1. Input a Export LC with ATB with Issue Date / Effective Date as System Date
2. In parties Tab for party type ISB , in the DATED field specify a Back Date
3. SAVE and AUTHORISE
- The Accounting is posted with the System date, but SWIFT MT710 field 31C is showing the current system date instead of the Original message date of ISB i.e. Back date filled in ” DATED” field in the PARTIES Tab for the party ISB

Changes

 Changes provided in the unit to ensure system will populate field 31c with ISB party date in MT710

Cause

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In this Document
Symptoms
Changes
Cause
Solution


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