Swift Swift Network & Connectivity 2 — Questions and Answers
Question 1: What is SWIFT gpi (Global Payments Innovation) designed to improve?
- Speed, transparency, and tracking of cross-border payments (Correct answer)
- Security of SWIFT authentication tokens
- The formatting of ISO 20022 messages
- Onboarding of new SWIFT member banks
Correct answer: Speed, transparency, and tracking of cross-border payments
SWIFT gpi enhances cross-border payments by enabling same-day processing, end-to-end tracking, and full fee transparency.
Question 2: What is the UETR in SWIFT gpi?
- Unique End-to-End Transaction Reference — a UUID that tracks a payment across the entire chain (Correct answer)
- Universal Electronic Transfer Record — a compliance log
- Unified Exchange and Transfer Route — a routing code
- User End Transaction Reference — a bank-specific ID
Correct answer: Unique End-to-End Transaction Reference — a UUID that tracks a payment across the entire chain
The UETR (Unique End-to-End Transaction Reference) is a UUID assigned to each gpi payment that enables end-to-end tracking.
Question 3: What does the SWIFT gpi Tracker provide to banks and corporates?
- Real-time status visibility of cross-border payments (Correct answer)
- Automated FX conversion rates
- Regulatory reporting for AML compliance
- Bulk payment file generation
Correct answer: Real-time status visibility of cross-border payments
The gpi Tracker gives banks and their corporate clients real-time visibility into where a payment is at any point in its journey.
Question 4: Which SWIFT gpi feature allows a bank to request the return of a payment?
- gpi Stop and Recall (Correct answer)
- gpi Instant
- gpi Observer
- gpi CoverMatch
Correct answer: gpi Stop and Recall
gpi Stop and Recall enables a sending bank to request cancellation and return of a gpi payment that has already been sent.
Question 5: What is the SWIFT Customer Security Programme (CSP) designed to do?
- Strengthen the cybersecurity posture of SWIFT users through mandatory controls (Correct answer)
- Manage customer onboarding for new SWIFT members
- Provide customer support for SWIFT connectivity issues
- Standardize KYC documentation across SWIFT members
Correct answer: Strengthen the cybersecurity posture of SWIFT users through mandatory controls
The CSP establishes mandatory and advisory security controls that all SWIFT users must implement to protect their SWIFT environments.
Question 6: What is the SWIFT Customer Security Controls Framework (CSCF)?
- A set of mandatory and advisory security controls all SWIFT users must attest to annually (Correct answer)
- A framework for formatting SWIFT financial messages
- A customer onboarding checklist for new SWIFT members
- A set of guidelines for ISO 20022 migration
Correct answer: A set of mandatory and advisory security controls all SWIFT users must attest to annually
The CSCF defines the security baseline that SWIFT users must meet and self-attest compliance with each year.
Swift Swift Network & Connectivity 2
What is SWIFT gpi (Global Payments Innovation) designed to improve?