The major change to SWIFT's Category 7 standards ends with the update of the 2021 standards, where the bank guarantee messages (MT 760 ) are updated.

While the 2018 standards upgrade was focused on Documentary Credits, the 2021 ones will be focused on its guarantees.

These changes will become operational on 21 November 2021.

✏️ MODIFICATIONS TO MT700 - MT 759 MESSAGES.

The main changes will focus on fields 40B (Form of Documentary Credit) and 40E (Applicable Rules), where it is no longer permitted to issue a standby letter of credit with an MT 700 message

🖥 40E APPLICABLE RULES

✏️ MODIFICATIONS TO MT 760 - MT 799 MESSAGES.

MT 760, MT 767 have significantly improved, extending the number of fields.

✅ Previously had few structured fields and one large free-format field

✅ New versions are highly detailed and structured

✅ Sequences introduced to cater for undertaking details as well as local undertaking details.

In applicable rules, they are included the UCP 600. I think that the main reason is because those rules incorporate the Stand By letters of credit in their Article 1.

✏️ MODIFICATIONS TO MT768 AND MT 799 MESSAGES.

✅Field 71B changed to 71D with z-character set

✅Field 72 changed to 72Z with z-character set

✅Possibility to identify the delivery channel

✏️ MESSAGES 761, 765,775,785, 786 Y 787 (6 NEW MESSAGES)

✅MT 761 - Continuation of MT 760

✅MT 765 - Used to demand payment under an undertaking

✅MT 775 - Continuation of MT 767

✅MT 785 - Used to notify the beneficiary of the non-extension of the referenced undertaking

✅MT 786 - Used to notify the beneficiary that the demand has been refused

✅MT 787 - Used to indicate acceptance or rejection by the beneficiary of the amendment

✏️ NO MODIFICATIONS TO MT 79X MESSAGES

✅ The common group message types MT 790-MT799, remain unchanged

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Source: Standards Release Guide and 19 February 2021