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Swift Network & Connectivity Flashcards

6 cards from real Swift practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

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  1. What is ISO 20022 and why is SWIFT migrating to it?

    Answer: A richer financial messaging standard replacing MT messages to enable better data and automation

    ISO 20022 is an XML-based financial messaging standard that carries richer, structured data than legacy MT messages, enabling greater automation and straight-through processing.

  2. In SWIFT ISO 20022 migration, what does 'coexistence' refer to?

    Answer: The period during which both MT and MX messages are supported simultaneously

    During coexistence, SWIFT's infrastructure translates between MT and MX formats so institutions can migrate at different paces.

  3. What is the MX equivalent of the MT103 in ISO 20022?

    Answer: pacs.008

    The pacs.008 (FIToFICustomerCreditTransfer) is the ISO 20022 MX equivalent of the MT103 customer credit transfer.

  4. What is the ISO 20022 message used for account statements (equivalent to MT940)?

    Answer: camt.053

    camt.053 (BankToCustomerStatement) is the ISO 20022 equivalent of the MT940 customer statement message.

  5. 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.

  6. By what year does SWIFT require all cross-border payments to use ISO 20022 (end of coexistence)?

    Answer: 2025

    SWIFT's migration plan targets 2025 as the end of the coexistence period, after which ISO 20022 becomes the sole standard for cross-border payments.

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