Payments Interview Questions

Question 1

How much is a swift payment and how long does it take?

Answer 1

A swift charges £25 or 20 euros from a Euro account. Takes 1-2 working days within Europe (max 5) and 2 working says outside of Europe (max 5)

Question 2

How much is a separate payment and how long does it take?

Answer 2

A sepa charge is £10 or equivalent from a usd/euro account. 1-2 working days max 5

Question 3

What is the straight through process limit for faster payment?

Answer 3

£10,000

Question 4

What is the step limit for chaps payment?

Answer 4

£10,000

Question 5

What is the transaction limit for faster payment and chaps payment?

Answer 5

£25,000 for faster payment and 5 million for chaps

Question 6

What is the ceiling limit for faster payment? And also for chaps

Answer 6

1 million for faster payment and 10 million for chaps

Question 7

What is MT103?

Answer 7

This is a reformatted payment where field codes are used

Question 8

What does field 50k stand for ?

Answer 8

Means sender details

Question 9

What does field 59 stand for ?

Answer 9

Stands for beneficiary details

Question 10

What does field 70 stand for ?

Answer 10

Stands for reference details

Question 11

What is MTB95 reason code?

Answer 11

This is when sometimes the beneficiary bank will provide a mtb95 reason code and we can use this to figure out why the payment was rejected.

Question 12

What does reason code AC01 mean?

Answer 12

The format of the account number is not correct