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Payments > ISO20022 > Flashcards

ISO20022 Flashcards

1
Q

What is a Formal Rule ?

A

A Rule that will be validated by the SWIFT network

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2
Q

What is the Group Header Block ?

A

Contains characteristics which are applicable to all transactions in the message - except atm there is only one message !!

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3
Q

What is the Credit Transfer Transaction Information Block ? (pacs.008)

A

It contains details of the payment
such as…

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4
Q

What is a Textual Rule ?

A

This will NOT be validated by the Network

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5
Q

What is a Guideline Rule ?

A

This a best practice only

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6
Q

What is a CrossElementSimpleRule ?

A
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7
Q

What is a CrossElementComplexRule ?

A
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8
Q

What is a Usage Identifier ?

A
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9
Q

What is an External Code list ?

A

Data elements that are externalised to enable maintenance

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10
Q

What are SWIFT special characters ?

A

!#&%*=^_`{|}~”;@[] $ > <

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11
Q

What are the FIN X Characters ?

A

a-z A-Z 0-9 / - ? : ( ) . , ‘ + .

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12
Q

What does Point-to-Point mean ?

A

Point-to-point refers to data passed within a message from one party to the next. This
data will not necessarily be passed in subsequent messages.

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13
Q

What does End-toend mean ?

A

End-to-end refers to data passed throughout the transaction life cycle i.e. within a
message from one party to the next and continued in subsequent messages

For example: the UETR element contains a Unique End-to-end Transaction
Reference in accordance with the UUID version 4 standards. This same reference
is used in all messages related to the payment transaction.

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14
Q

How can an Agent (Bank) be identified ?

A

Normally BICFI

but also
LEI
Clearing System Member Id
Name
Postal Address

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15
Q

ISO20022 has both Date and DateTime

A

CBPR+ usage guidelines DateTime elements mandate the time zone that the time
represents as an offset against Universal Time Coordinated (UTC):

Local time with UTC offset YYYY-MM-DDThh:mm:ss.sss+/-hh:mm
➢ For example: 2002-10-10T12:00:00-05:00 (noon/midday on 10 October 2002,
Central Daylight Savings Time as well as Eastern Standard Time in the U.S.)

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16
Q

What is a Business Application Header ?

A

The Business Application Header (BAH) is a mandatory component of the CBPR+ Business Message. The Business Application Header enables both application routing rules and logic without having to read the Business Document.

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17
Q

What is SWIFTNet ?

A

SWIFT’s secure IP network connecting financial institutions.

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18
Q

What is a BIC code ?

A

Business Identifier Code - not Bank, since corporate can have a SWIFT code too.

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19
Q

How long is a SWIFT code ? What is the structure ?

A

DEUT - first 4 is entity
DE - Country code
SS - Stuttgart - town
nnn - 3 digit code to identify the branch

20
Q

The message standards of SWIFT are ?

A

MT - ISO15022
MX - ISO20022

21
Q

SWIFTNet FIN service comprises which two applications

A

SWIFT FIN - for sending Financial messages
SWIFT GPA - General Purpose Application - admin of FIN
uses ISO15022 standard

22
Q

Categories of FIN messages - 9

nothing for card payments

A

1 - Customer Payments
2 - Bank Payments
3 - FX, MM Payments
4 - Collections and Cash Letters
5 - Securities
6 - Precious Metals
7 - Trade Finance
8 - Travellers Cheques
9 - Advices, Cash Management

23
Q

Message code is

MT 103 - example
Type 1 is Customer Payment category
0 - group , 0 = electronic, 1 = paper
3 = function or type

A
24
Q

What is an MT NVR

A

NVR is a network validated rule
this means SWIFT will validate a specific field in a message and validate its usage

25
Q

What is SWIFT RMA (Relationship Management Application) ?

A

Its like SMS - reduces traffic of messages to only those entites that are approved.

26
Q

Why the ISO20022 standard ?

A

Previously, payment systems each had their own standards. meant loss of data, errors, manual intervention - no/low interoperability
ISO20022 brings everyone onto same standard. same semantic field had different syntax - i.e. could be Originator or Ordering Customer or Debtor… confusing. so ISO20022 makes it clear

27
Q

When does the MT/MX coexistence start and finish

A

November 2022 - November 2025

28
Q

What is MX equivalent of Field

A

Element

29
Q

What is MX equivalent of Format

A

DataType

30
Q

What is MX equivalent of Presence

A

Min Max

31
Q

What is MX equivalent of Qualifiers/Codes

A

CodeSet

32
Q

What is MX equivalent of Usage Rule

A

Textual Rule

33
Q

What is MX equivalent of Network Validated Rule

A

CrossElementComplex Rule

34
Q

What is MX equivalent of Bank

A

Agent

35
Q

What is MX equivalent of Ordering Customer

A

Debtor

36
Q

What is MX equivalent of Beneficiary Customer

A

Creditor

37
Q

What is MX equivalent of Message Sender

A

Instructing Agent

38
Q

What is MX equivalent of Message Receiver

A

Instructed Agent

39
Q

MX message names have 4 sections. what are they ?

A

Business Area
Message Identifier/functionality
Variant
Version

e.g. pacs.008.001.08 - Customer Credit Transfer

40
Q

MT950 equivalent

A

camt.053

41
Q

MT940 equivalent

A

camt.053

42
Q

MT910

A

camt.054

43
Q

MT900

A

camt.054

44
Q

MT202

A

pacs.009

45
Q

MT103

A

pacs.008

46
Q

MT101

A

pain.001

47
Q
A

Payments (4 decks)

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