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ISO 20022 Migration & MX Messaging Flashcards

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  1. What is CBPR+ in the context of SWIFT's ISO 20022 migration?

    Answer: Cross-Border Payments and Reporting Plus, SWIFT's usage guidelines for ISO 20022 cross-border messages

    CBPR+ (Cross-Border Payments and Reporting Plus) is the set of SWIFT usage guidelines defining how ISO 20022 MX messages are used for cross-border interbank payments.

  2. In ISO 20022 pacs messages, what does the 'InstructedAmount' field represent?

    Answer: The original amount instructed by the debtor before any charges or conversion

    The InstructedAmount is the amount originally instructed by the debtor, preserving transparency in the payment chain before charges or FX conversion are applied.

  3. What tool does SWIFT provide to help financial institutions translate between MT and MX message formats during migration?

    Answer: SWIFT Translator

    The SWIFT Translator is a cloud-based tool that converts MT messages to MX format and vice versa, helping institutions interoperate during the migration period.

  4. Which ISO 20022 messages replace MT 940, MT 941, and MT 942 for account balance and transaction reporting?

    Answer: camt.052, camt.053, and camt.054

    The camt.052, camt.053, and camt.054 messages replace MT 942 (intraday), MT 940 (end-of-day statement), and MT 941/900/910 (confirmation) respectively.

  5. What is a key compliance benefit of ISO 20022's structured and longer name/address fields compared to MT messages?

    Answer: Improved beneficiary identification leading to fewer false positives in sanctions screening

    Structured and complete name/address data in ISO 20022 reduces false positives in AML/sanctions screening by providing unambiguous beneficiary identification.

  6. What was the end date of the MT-MX coexistence period for SWIFT cross-border payments (CBPR+)?

    Answer: November 2025

    The CBPR+ coexistence period ended in November 2025, after which MT messages for cross-border payments were no longer supported on SWIFT.

  7. What does the 'ChargeBearerCode' field in ISO 20022 pacs messages specify?

    Answer: Who bears the transaction charges, using codes such as DEBT, CRED, SHAR, or SLEV

    The ChargeBearerCode (DEBT, CRED, SHAR, SLEV) specifies which party bears the transaction fees, equivalent to field 71A in the MT 103.

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