Finastra Assessment Test Finastra Assessment Payments and Messaging 4

Question 1

Finastra's 'Payments To Go' solution is primarily designed for which type of financial institution?

Accepted Answer

Community and regional banks seeking cloud-based payment processing

Answer

Finastra Payments To Go is a cloud-native, SaaS payment solution targeted at community and regional banks to modernize their payment capabilities.

Question 2

In SWIFT messaging, what is the purpose of the BIC (Bank Identifier Code)?

Accepted Answer

Uniquely identify financial institutions in international transactions

Answer

The BIC (also called SWIFT code) is an 8 or 11-character code that uniquely identifies a financial institution and its branch for routing international payments.

Question 3

What does OFAC screening in payment processing primarily check for?

Accepted Answer

Transactions involving sanctioned countries, entities, or individuals

Answer

OFAC (Office of Foreign Assets Control) screening checks payment parties and references against U.S. sanctions lists to prevent transactions with prohibited entities.

Question 4

In the ISO 20022 framework, what message category does 'camt' represent?

Accepted Answer

Cash Management

Answer

In ISO 20022, 'camt' stands for Cash Management, covering messages related to account reporting, statements, and cash management functions.

Question 5

What is the role of a correspondent bank in international payment processing?

Accepted Answer

Act as intermediary to facilitate transactions between banks without direct relationships

Answer

Correspondent banks hold accounts on behalf of other financial institutions (nostro/vostro accounts) and facilitate international transfers where no direct bilateral relationship exists.

Finastra Assessment Test Practice Test

Finastra Assessment Test Practice Test

Finastra Assessment Test Finastra Assessment Payments and Messaging 4