NatWest Payments Flashcards
What & When is the CBPR+ milestone ?
Cross Border Payments Reporting
This is the beginning of what is known as co-existence (starts March 2023) until November 2025 (when MT messaging will be switched off.
What & When is Target2 Milestone ?
Target2 Go-Live is 20th March 2023
What & When is the June Milestone for CHAPS ?
The UK sterling high value payment system CHAPS, will migrate to ISO 20022 messaging on 19 June 2023
Transition State 2.1: CHAPS enhanced ISO 20022 messaging (19 June 2023)
What is Bankline and Bankline Direct ?
(NatWest)
Bankline Direct is our host-to-host solution, which integrates your accounting system directly with the Bank. Bankline Direct automates your payments or reconciliation and is ideal for organisations who have outgrown their manual processes and want to reduce operating costs. Bankline Direct also lets you view or transact with accounts held at multiple banks or other financial organisations.
What is the SWIFT co-existence period ?
When is the SWIFT co-existence period ?
Financial institutions using the Swift network for payments are required to upgrade their interface to be able to receive MX messages beginning in March 2023. Failure to do so may result in disruption of the business operations of your institution and your counterparties.
* Institutions are not required to begin sending ISO 20022 messages in March 2023;
however, Swift plans to decommission MT messages in categories 1, 2, and 9 in November 2025. Once these messages are decommissioned, institutions will be required to use the equivalent ISO 20022 MX messages over Swift.
What are CBPR+ request types ?
Cross-border Payments and Reporting Plus (CBPR+) is a set of specifications for ISO20022 financial messages over the Swift network. In essence, it refers to the types of ISO 20022 messages that will be used over Swift. CBPR+ messages over Swift are also referred to as “MX” messages, as they differ in format from the traditional MT messages used over Swift. Swift will begin supporting CBPR+ messages on its network in March 2023.
What is FinPlus RMA bootstrapped authentications ?
RMA - Relationship Management Application
Allows SWIFT participants to define the message types and particpants with which they wish to exchange messages (like a filter)
What is CPD ?
customer parent destination (CPD)
The primary BIC of a customer designated as SWIFT head of traffic of a group.
When ECB migration onto Target 2 (T2 - T2S project) ?
March 2023
Same weekend as SWIFT migration of CBPR+
What is TS2.1 ?
Refers to what the Bank of England call Transition State 2.1 of the RTGS Renewal programme
19th June. Direct Participants must be able to send /receive ISO20022 payment msgs . Need not use enhanced fields but this is encouraged - DOMESTICALLY.
Send and receive of non-payment messages is optional
BoE CHAPS go-live onto SWIFT ISO20022
What is a Purpose Code ?
Purpose Codes are four letter codes which are carried across the payment chain, providing information to all users in the payments chain to indicate the reason a payment is being made.
What is a Legal Entity Identifier ?
The Legal Entity Identifier (LEI) is a reference code — like a bar code — used across markets and jurisdictions to uniquely identify a legally distinct entity that engages in a financial transaction
The Legal Entity Identifier (LEI) is a 20-character, alpha-numeric code
Review the CPMI paper for ISO20022
What is a CAMT.052 ?
Bank to Customer Account Report
What is a CAMT.053 ?
Bank to Customer Statement
What is a CAMT.054 ?
Bank to Customer Debit/Credit Notification
Timelines
