Finastra Assessment Test Finastra Assessment Payments and Messaging 2 — Questions and Answers
Question 1: Which SWIFT message type is used to transmit a customer credit transfer in the MT messaging standard?
- MT 103 (Correct answer)
- MT 202
- MT 900
- MT 940
Correct answer: MT 103
MT 103 is the SWIFT Single Customer Credit Transfer message used for cross-border payments on behalf of customers.
Question 2: In ISO 20022 payment messaging, what replaces the traditional SWIFT MT 103 for cross-border customer credit transfers?
- pacs.008 (Correct answer)
- pacs.002
- camt.056
- pain.001
Correct answer: pacs.008
The pacs.008 (Financial Institution Credit Transfer) message in ISO 20022 is the equivalent of the MT 103 for customer credit transfers.
Question 3: What is the primary purpose of SWIFT GPI (Global Payments Innovation)?
- Provide end-to-end tracking and faster cross-border payment processing (Correct answer)
- Replace all legacy MT messages with ISO 20022 instantly
- Enable domestic ACH transactions
- Manage correspondent banking relationships
Correct answer: Provide end-to-end tracking and faster cross-border payment processing
SWIFT GPI delivers faster, more transparent cross-border payments with end-to-end tracking via a unique end-to-end transaction reference (UETR).
Question 4: Which Finastra product is a payment hub designed to centralize and orchestrate all payment types across an institution?
- Global PAYplus (Correct answer)
- Fusion Essence
- Finastra LaserPro
- Fusion Phoenix
Correct answer: Global PAYplus
Global PAYplus (GPP) is Finastra's universal payment hub that supports multiple payment types and schemes from a single platform.
Question 5: What does the UETR field in a SWIFT GPI payment represent?
- Unique End-to-End Transaction Reference (Correct answer)
- Universal Electronic Transfer Record
- Unified Exchange Transaction Report
- User-Enabled Transfer Route
Correct answer: Unique End-to-End Transaction Reference
The UETR (Unique End-to-End Transaction Reference) is a UUID assigned to each GPI payment to enable end-to-end tracking across all correspondent banks.
Question 6: In SEPA (Single Euro Payments Area) credit transfers, what is the maximum execution time for a standard SCT transaction?
- 1 business day (Correct answer)
- 3 business days
- Same day
- 5 business days
Correct answer: 1 business day
Standard SEPA Credit Transfers (SCT) must be executed within one business day (D+1) from the acceptance of the payment order.
Question 7: Which messaging format does the ISO 20022 migration primarily transition FROM in the SWIFT network?
- MT (Message Type) FIN messages (Correct answer)
- XML-based XBRL files
- EDI 820 transactions
- NACHA IAT entries
Correct answer: MT (Message Type) FIN messages
The ISO 20022 migration replaces SWIFT's legacy MT FIN messages with richer, structured XML-based MX messages across all payment categories.
Finastra Assessment Test Finastra Assessment Payments and Messaging 2
Which SWIFT message type is used to transmit a customer credit transfer in the MT messaging standard?