Mixed Deck — All Swift Topics Flashcards

What is the primary advantage of ISO 20022's structured data fields over MT free-form text fields?

Answer: Improved straight-through processing and higher data quality

Structured data fields in ISO 20022 enable automated processing, reduce manual intervention, and improve data quality compared to unstructured MT free-form fields.

What key data element does ISO 20022 introduce that MT messages lacked?

Answer: Structured legal entity identifiers (LEI) and full remittance information

ISO 20022 supports structured remittance data, LEIs, and purpose codes that enable end-to-end automation and regulatory reporting.

Why is documentation important in Swift risk management?

Answer: It creates an audit trail, supports decision-making, and demonstrates due diligence

This is fundamental to Swift practice. It creates an audit trail, supports decision-making, and demonstrates due diligence represents the professional standard for risk management in the Swift certification framework.

A `RecipeParser` must support JSON, XML, and CSV formats. You want to add new formats without modifying the parser. Which design embodies the Open/Closed Principle in Swift?

Answer: Define a `FormatParser` protocol; create `JSONParser`, `XMLParser`, `CSVParser` conformances injected at runtime

Protocol-based strategy injection lets you add `YAMLParser` later by writing a new conformance, leaving `RecipeParser` itself unchanged — open for extension, closed for modification.

A bank's treasury team is communicating a new nostro reconciliation discrepancy to a correspondent. Which SWIFT message type is most appropriate for raising this formal query?

Answer: MT195

MT195 (Queries) is the standard SWIFT message for raising formal inquiries about previous messages, making it appropriate for nostro reconciliation discrepancies.

What is the primary competency framework for Swift professionals?

Answer: Structured competency standards defined by the certifying body

This is fundamental to Swift practice. Structured competency standards defined by the certifying body represents the professional standard for professional standards in the Swift certification framework.

Under Wolfsberg Correspondent Banking Principles, what due diligence is required before establishing a new correspondent relationship?

Answer: Comprehensive KYC/AML due diligence on the respondent bank

The Wolfsberg Principles require thorough KYC/AML due diligence covering ownership, business model, AML controls, and jurisdiction risk before opening accounts.

In ISO 20022, the 'UltimateDebtor' field identifies:

Answer: The party that ultimately owes the funds, which may differ from the instructing debtor

The UltimateDebtor field identifies the original party on whose behalf the payment is being made, enabling full transparency in multi-party payment chains.

What is a 'false positive' in the context of SWIFT sanctions screening?

Answer: A legitimate payment flagged as a potential sanctions match requiring manual review

A false positive occurs when a payment is incorrectly flagged as a sanctions match, requiring compliance staff to investigate and clear the transaction.

In SWIFT messaging, what does the term 'mandatory field' mean?

Answer: The field must be present in the message

A mandatory field must always be present and populated in a SWIFT message for it to be valid.

You're refactoring a legacy codebase where many functions return `-1` to signal errors. Which modern Swift pattern replaces this anti-pattern?

Answer: Returning `Int?` with nil for errors, or throwing a typed Error

Optional returns (`Int?`) signal absence without sentinel values, and throwing functions with typed errors give callers structured error information — both are idiomatic replacements for magic-number conventions.

What is the primary purpose of SWIFTNet FileAct?

Answer: Secure transfer of large files between financial institutions

FileAct is a SWIFTNet service designed for the secure transfer of files, such as bulk payment batches or reports.

What is the SWIFT MT900 message used for?

Answer: Confirmation of debit

MT900 is a Confirmation of Debit sent by a bank to a financial institution to confirm a debit has been applied to its account.

In SWIFT, what does 'Value Date' in field 32A of an MT103 represent?

Answer: The date funds are to be made available to the beneficiary

Field 32A specifies the value date on which the beneficiary's bank should credit funds to the beneficiary.

You want SwiftUI's `ProfileView` to automatically re-render when `user.name` changes. `User` is a reference type shared across views. What is the correct setup?

Answer: Make `User` a class conforming to `ObservableObject` with `@Published var name`

`ObservableObject` + `@Published` triggers SwiftUI's diffing engine; views holding `@ObservedObject` or `@StateObject` references re-render automatically when `name` changes.

A networking layer returns `Data?` from a cache. You need to decode it as `User` or fall back to fetching from the server. Which pattern is most idiomatic in Swift?

Answer: Use `if let data = cachedData, let user = try? JSONDecoder().decode(User.self, from: data)`

`if let` chaining safely unwraps the optional data and attempts decoding without crashing or leaking errors into the call site.

In SWIFT messaging, what is the primary role of a Relationship Manager when a correspondent bank raises concerns about transaction delays?

Answer: Investigate root causes and provide timely, accurate status updates

Relationship managers must investigate issues and communicate accurate, timely updates to maintain trust with correspondents.

Which SWIFT message is used to advise an amendment to a documentary credit?

Answer: MT707

MT707 is the Amendment to a Documentary Credit message sent by the issuing bank to notify the advising bank of changes.

Which SWIFT message type is used for a customer credit transfer (single customer payment)?

Answer: MT103

MT103 is the standard SWIFT message for single customer credit transfers between financial institutions.

In what year did SWIFT's Cross-Border Payments and Reporting Plus (CBPR+) ISO 20022 go live for production traffic?

Answer: 2023

SWIFT's CBPR+ ISO 20022 went live in March 2023, marking the official start of the coexistence period for cross-border payments.