Swift ISO 20022 Migration & MX Messaging 3

Question 1

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

Accepted Answer

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

Answer

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.

Question 2

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

Accepted Answer

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

Answer

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

Question 3

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

Accepted Answer

SWIFT Translator

Answer

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.

Question 4

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

Accepted Answer

camt.052, camt.053, and camt.054

Answer

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.

Question 5

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

Accepted Answer

Improved beneficiary identification leading to fewer false positives in sanctions screening

Answer

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

Swift Practice Test

Swift Practice Test

Swift ISO 20022 Migration & MX Messaging 3