Swift ISO 20022 Migration & MX Messaging 2

Question 1

What does the 'camt' message category handle in ISO 20022?

Accepted Answer

Cash Management reporting and notifications

Answer

'camt' stands for Cash Management, covering messages for account balance reporting, transaction notifications, and statements (e.g., camt.053 replaces MT 940).

Question 2

What does the 'pain' message category represent in ISO 20022?

Accepted Answer

Payment Initiation

Answer

'pain' stands for Payment Initiation, covering messages from corporates or individuals initiating payment instructions to their financial institution.

Question 3

Which ISO 20022 message replaces the MT 202 financial institution credit transfer?

Accepted Answer

pacs.009

Answer

The pacs.009 (Financial Institution Credit Transfer) is the ISO 20022 replacement for the MT 202, used for bank-to-bank transfers not involving customer funds.

Question 4

What is the primary purpose of the Business Application Header (BAH) in ISO 20022 MX messages?

Accepted Answer

To provide routing, identification, and business context for the message

Answer

The BAH provides essential routing and identification metadata — sender, receiver, message type — that frames the core business payload of the MX message.

Question 5

In ISO 20022, the 'UltimateDebtor' field identifies:

Accepted Answer

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

Answer

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

Swift Practice Test

Swift Practice Test

Swift ISO 20022 Migration & MX Messaging 2