Swift ISO 20022 Migration & MX Messaging

Question 1

What file format do ISO 20022 MX messages use?

Accepted Answer

XML (Extensible Markup Language)

Answer

Plain text (ASCII)

Answer

JSON (JavaScript Object Notation)

Answer

CSV (Comma-Separated Values)

Question 2

Which SWIFT MT message does the ISO 20022 pacs.008 replace for single customer credit transfers?

Accepted Answer

MT 103

Answer

MT 102

Answer

MT 202

Answer

MT 940

Question 3

What does 'pacs' stand for in ISO 20022 message naming conventions?

Accepted Answer

Payments Clearing and Settlement

Answer

Payment Authorization and Clearing System

Answer

Payment Account and Credit Service

Answer

Process and Control System

Question 4

During the SWIFT ISO 20022 coexistence period for CBPR+, what was permitted on the network?

Accepted Answer

Both MT and MX messages could be sent simultaneously on SWIFT

Answer

Only MX messages could be sent on SWIFT

Answer

Only MT messages could be sent on SWIFT

Answer

Institutions had to permanently select one format at enrollment

Question 5

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

Accepted Answer

Improved straight-through processing and higher data quality

Answer

Shorter overall message length

Answer

Lower transmission costs per message

Answer

Faster SWIFT network routing speeds

Question 6

Which organization serves as the Registration Authority for the ISO 20022 standard?

Accepted Answer

SWIFT

Answer

Bank for International Settlements (BIS)

Answer

The Federal Reserve

Answer

International Monetary Fund (IMF)

Question 7

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

Accepted Answer

2023

Answer

2021

Answer

2022

Answer

2024