Mod 4: FI Credit Transfers and direct debits Flashcards
When can a Financial institution use the message SWIFT MT 200?
B : When it wants to transfer funds from one of its accounts to another account it has in the same currency.
The MT 200 is used to request the movement of funds from an account that the Receiver services for the Sender to an account that the Sender has, in the same currency, with another financial institution.
Which statements are correct about the MT 200?
B : It can be executed through a local clearing system.
D : The field 56 can be provided in the MT 200.
The MT 200 can be executed through a local clearing system, and it can transport the field 56. The MT 200 does not transport the Unique End-to-end Transaction Reference and it cannot be used in cross currency transfers.
When a bank receives a MT 202, how does it know it is an announcement?
B : By the presence of the fields 53a (Sender’s correspondent) and 54a (Receiver’s Correspondent)
When a financial institution receives a SWIFT MT 202, it knows that it is an announcement because of the presence of the fields 53a (Sender’s correspondent), 54a (Receiver’s Correspondent) or 55a (Third Reimbursement Institution).
Indicate correct statements about non-connected BIC.
B : A non-connected BIC can be provided in the field 52a.
D : A non-connected BIC can be provided in the field 58a.
Messages cannot be sent over SWIFTNet to non-connected BIC (Participants). A non-connected BIC cannot be used in the header of a SWIFT message, otherwise it will be rejected by the SWIFT system. But non-connected BIC can be used in Fields 52a and 58a.
Which of the following fields are mandatory in the underlying customer credit transfer details of the MT 202 COV?
A : Field 50a – Ordering Customer
D : Field 59a – Beneficiary Customer
In the underlying customer credit transfer details of the MT 202 COV, the following fields are mandatory: Field 50a – Ordering Customer and Field 59a – Beneficiary Customer. They are populated to avoid the message rejection by SWIFT.
If the Field 57 is present in the first MT202 cover and not the second MT 202 COV, what does it tell you?
B : The Account With Institution is receiver of the second MT 202 COV.
If the Field 57 is present in the first MT202 cover and not the second MT 202 COV, then it means that the Account With Institution is receiver of the second MT 202 COV.
When a bank receives a MT 202 COV from its correspondent, how does it interpret it?
B : Funds have been credited on its account with its correspondent.
C : The bank should credit the account of the customer whose Information is provided in the MT 202 COV.
When a bank receives a MT 202 COV from its correspondent, it means that 1) Funds have been credited on its account with its correspondent and 2) The bank should credit the account of the customer whose Information is provided in the MT 202 COV.
A correspondent sends a MX pacs.009 message to a bank that has a vostro account in its book. Which roles does the correspondent play in the message?
A : Instructing agent
D : Creditor agent
A correspondent that sends a MX pacs.009 message to a bank that has a vostro account in its book has two roles in the message: Instructing Agent and Creditor Agent. The bank that receives the message has the role of Creditor.
Which of the following information is not available in the MT 910?
B : Account of the beneficiary customer
C : Name of the beneficiary customer
In the MT 910, Beneficiary customer information is not available. The receiving bank finds beneficiary customer information in the announcement message related to the MT 910.
If the receiver and debtor agent of a MT 204 Financial Institution Direct Debit does not hold the account of the creditor, what should it do to credit it?
A : It should send a MT 202 message to the Creditor agent.
In case the receiver and debtor agent of a MT 204 Financial Institution Direct Debit does not hold the account of the creditor, it should send a MT 202 message to the Creditor agent.
