Beginner's Guide - SWIFT Message Types - MT and MX ISO 20022

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Overview of latest offerings of SWIFT - GPI Instant, Payment Pre-validation, Case Resolution, Stop and Recall included

9 Assignments with answers to check your understanding of the messages

Practice test of 70+ questions

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Are you someone who is new to the payments domain?

Are you struggling to find knowledge that will guide you starting right from the very basics of payments to the world of SWIFT, what it is and its ways of functioning?

Do you want to understand the SWIFT payment messages along with the structures, fields and flows with examples?

Do you want to understand what ISO 20022 MX messages are? Why is SWIFT migrating from MT to MX? Learn the structures, functions and flows of ISO 20022 MX messages?

Then this course is for you!!

What will you get out of this course?

1. Get the foundation to handle products, services, consultancy related to SWIFT MT and MX

2. Get the foundation to handle SWIFT MT to ISO 20022 MX Migration

3. Be confident using MT 103 (Serial and Cover), MT 202, MT 900/910 and other payment related messages

4. Be updated with the latest offerings of SWIFT like GPI, GPI Instant, Payment Pre-validation, Case Resolution, Stop and Recall

5. Test your knowledge with practice test and assignments

6. Get links of ISO 20022 resources by SWIFT at one place

Who is this course for?

1. Business Analysts and Consultants of Payments Domain

2. Aspirants of Payments Domain

3. Trade Finance Professionals

Why should you enroll to this course?

This course is meant to give an holistic idea of payments and SWIFT.

It begins from the basics of SWIFT and how the payment system works. It then gradually explains the important MT messages, the use of SWIFT GPI and finally gives an overview of the latest development in SWIFT - ISO 20022 MX messages. It explains what is the need for ISO 20022 MX messages, the changes that you will notice and the flow of PACS, PAIN and CAMT messages.

This tutorial is meant for anyone new in the payments domain or anyone who want to know the basics and the latest developments in SWIFT before going to deeper understanding.

This includes examples of SWIFT messages and explanations of important fields. It shows the flow of the messages between banks visually so that its easier to understand and remember. This includes practice test to help you evaluate your learnings too.

What this course covers?

Basics

1. What is SWIFT and SWIFTNet

2. Understanding SWIFT Code or Business Identifier Code(BIC)

3. What are SWIFT FIN and GPA Messages

4. Structure of SWIFT MT Messages

5. Categories of FIN messages and Message naming conventions

6. What are SWIFT Rules and Guidelines

Overview of Payment Systems

1. Understanding payment systems (Clearing, Settlement and Messaging)

2. Understanding correspondent accounts and RMA

MT Messages and Miscellaneous Information

1. MT Category 1 messages - Customer Payments and Cheques with MT 103 Serial and Cover Methods

2. MT Category 2 - Financial Institution Transfers

3. MT Category 9 - Cash Management and Customer Status

4. SWIFT GPA Messages

5. Possible Duplicate Emission and Possible Duplicate Message and Message Retrieval

SWIFT GPI

1. SWIFT GPI (Global Payments Innovation)

2. Latest Services and Products by SWIFT

ISO 20022 MX Messages

1. Why the need of ISO 20022 MX Messages

2. Three layers of MX Messages

3. MT to MX - the changes happening

4. Overview of PAIN (Payment Initiation) Messages

5. Overview of PACS (Payments Clearing and Settlement) Messages

6. Overview of CAMT (Cash Management) Messages

Practice Test and Resources Links

Instructors

Anwesha Sengupta, CITF, CAIIB – Banker specialized in Trade Finance, E-Learning Enthusiast