1. What message will the initiator of the recall receive if a recipient accepts the recall for pacs.008?

a)Pacs.009
b)Pacs.004
c)Pacs.002
d)Pacs.003
2. If a customer (Non Financial) wants to request the cancellation of an original payment instruction than what message will be used?
a) Pain001
b) CAMT56
c) CAMT55
d) PAIN008
3. What is the timeline for wires converting to ISO 20022?
a) 2020
b) Current ISO 20022 wire efforts surround industry education, development of mapping documents and usage guidelines, and establishing an implementation rules book
efforts, a 2020 conversion target has been set.
c) 2022
d) Both A & B
4. Is batch booking possible in MT101? If yes, which field?
a)Yes, 21R
b)Yes, 21F
c) No
d)Yes, 71A
5. MX equivalents of MT900 and MT910?
a)camt.054
b)camt.052, camt.053
c)camt.052, camt.056
d)camt.029
6. What the settlement mode of ACH?
a) Realtime
b) Online Realtime
c) Net settlement
d) Gross settlement
7. What is the difference between SWIFT Nov 2022 and Nov 2025 migration?
a)MT messages for payments and cash management related services will be retired and only MX rich messages allowed.
b)Both MT and MX will be allowed.
c)Only MT messages would be allowed.
d)None of the above
8. From SWIFT MT messages, how are block1 and 2 getting transformed in ISO20022 based messages?
a)Block 1 as 'From' in BAH
b)Block2 as 'TO' in BAH
c)Both A&B
d)Only Option A
9. What does occurance (0..n) of an element in ISO20022 indicate?
a) Mandatory field with n number of occurance
b) Optional with 1 occurance
c) Optional with n number of occurance
d) Mandatory with 1 occurance
10. Which option captures all the correct possible values for settlement method field in a pacs.004 message (CBPR+) ?
a)(INGA)
b)(INDA)
c)(INGA,INDA,COVE)
d)(INGA,INDA)
11. What is the BAH (Business application Header)?
a) This is a head.001 message on top of every message provided by the sender , to provide the message type, sender and receiver information.
b) The is a hder.001 message on top of every message provided by the sender , to provide the message type, sender and receiver information.
c) This is a head.001 message on top of every message provided by the SWIFT , to provide the message type, sender and receiver information.
d) The is a hder.001 message on top of every message provided by the SWIFT , to provide the message type, sender and receiver information.
12. What else is happening on ISO20022 topic as it pertains to the ACH Network?
a) Current focus of the ACH Network surrounds support for ISO 20022 integration
b) Financial institutions should review the two phases of the mapping guides already published as the guides can help to support the early adopters of ISO 20022 in the U
convert to ISO 20022 for high-value, the ACH low-value participants will work closely with the high-value participants to ensure evolving formats can be leveraged to the ex
c) both A and B
d) None of the above
13. What does all of this mean to my organization as a financial institution in the U.S.?
a) With greater adoption of and utilization of the Mapping Guide, corporate ACH users should be able to consistently utilize ISO 20022 formats regardless of the financial i
b) ERP systems migrate to ISO 20022
c) Option A , B & D
d) In addition, work of the combined low-value and high value ISO groups should help to ensure that corporate clients using both wire and ACH
14. Which is ONLY non-nested mandatory data element in the Notification block in a camt.054?
a)Identification
b)Account
c)Entry
d)Message recipient
15. Can the recipient decide whether or not to accept the recall for a pacs.008?
a)Yes
b)No
c)Yes, but not for Pacs.008
d)There is no recall for Pacs.008
16. The creditor agent receives a pacs.008 message (in a serial transfer method)with settlement method INGA. However, the creditor account is closed and hence
the creditor's account. Which message will the creditor agent send back to the previous agent in the payment chain ?
a)pacs.004
b)pacs.002
c)pacs.008
 d)pacs.009(core)
17. How many types of MT103 message exists in MT?
a)1
b)2
c)3
d)4
18. Does Pacs.004 and Pacs.002 have a block for Status Reason Information?
a)Yes
b)Only Pacs.002 has
c)Only Pacs.004 has
d)Both don't have
19. What can be the response for CAMT56?
a) CAMT56 RETN
b) CAMT29 or Pacs.002
c) CAMT56 RJCT
d) None of the above
20. What is DN in the ISO20022 messages?
a) DN stands for "Debit Note" in ISO20022 messages
b) DN stands for "Data Network" in ISO20022 messages
c) DN stands for "Distinguish Name", it is used by IBM to identify a object. Here Swift has replaced the BIC with DN names.
d) None of the above
21. As per the current timelines, what is the latest(last) date by which Fis can migrate to ISO 20022 messaging?
a) 2022
b) 2023
c) 2024
d) 2025
22. Which amongst the following are new fields introduced in ISO messaging vis-à-vis MT?
a) Debtor & Debtor Agent
b) Creditor & Creditor Agent
c) Ultimate Debtor & Ultimate Creditor
d) None of the above
23. What is the difference between pacs.008 and pacs.003?
a)The sender receives the funds in case of Pacs.003
b)Transaction must be scheduled (value date) for Pacs.003
c)Transaction must be scheduled (value date) for Pacs.008
d)Sender requests the funds for Pacs.008
24. Equivalents of Charges code BEN, SHA, OUR, SLEV in ISO20022?
a)CRED, SHAR, DEBT, SLEV
b)SHAR, CRED, DEBT, SLEV
c) SLEV, SHAR, CRED, DEBT
d)CRED, DEBT, SLEV, SHAR
25. What is the use of Pacs.009ADV
a) This message type does not exist
b) This is the only for Target2
c) This is used for domestic payment advices only
d) This is used for FI to FI Direct cover scenario only, and its only in CBPR+ scope
26. What is the ISO Mapping Guide?
a) NACHA’s ISO 20022 Mapping Guide enables financial institutions to support businesses that leverage the ISO 20022 standard by providing standardized gu
ISO 20022 pain.001 credit transfer and pain.008 debit payment messages into ACH transactions
b) The group includes participants from the Federal Reserve (Wholesale Product Office and Retail Payments Office), X9 standards organization
c) ISO 20022 does not address the full roles and responsibilities of players in a payment ecosystem, as this is defined by the rules of a payment network or a payment sch
d) The Clearing House (wire/CHIPS and ACH/EPN) and NACHA – The Electronic Payments Association. These organizations have been working together for several yea
engaging in dialogue with the payments industry conferring ISO 20022
27. Is it mandatory to adopt inflow translator for Nov 2022?
a) Yes
b) No, Bank can choose configure by Swift interface like SAA/AMH.
c) Mandatory during co-existence period and then optional post November 2025.
d) Optional during co-existence period and then madatory post November 2025.
28. Is there any change in RMA handling due to ISO20022 Swift migration
a)RMA is no longer needed
b)Directly, due to ISO20022 migration, there is no change, by default SWIFT is providing bootstrap so every bank can update their RMA repository.
c)Existing RMA to be used as is.
d)None of the above
29. What is the element AnyBIC in ISO indicate?
a) Anyones BIC
b) BIC of a non-FI
c) BIC of a FI
d) None of the above
30. What is ISO 20022?
a) ISO 20022, is the global messaging standard for financial business transactions, including payments.
b) Business Identifier Code or BIC is an international standard for the identification of institutions within the financial services industry
c) Messages between financial institutions and between their customers to help interpret information
d) A & C both
31. With which message can a pacs.008 be recalled?
a)With a camt.056 ISO20022 message. The recall must be justified and the reason must be given in the camt.056
b)Camt.029
c)Camt.052
d)Camt.053
32. What are the pacs.009 (COV) core elements?
a)Group Header
b)Credit Transfer Transaction Information
c)Group Header, Credit Transfer Transaction Information & Underlying Customer Credit transfer
 d)Underlying Customer Credit
33. Which settlement method would be applicable when Debtor / Instructing Agent has an account at Debtor Agent / Instructed Agent and amount is being debited
a) INGA
b) INDA
c) COVE
d) SLEV
34. Why is this change to ISO 20022 so significant?
a) ISO 20022 offers enormous business and operational data level and technical format level enhancements over existing proprietary formats. Global clearings
20022. However, many of these projects are primarily driven by SWIFT's mandatory migration of payments and related messaging to ISO 20022, which is to sta
three-year period to end in November 2025.
b) In addition, work of the combined low-value and high value ISO groups should help to ensure that corporate clients using both wire and ACH
d) None of the above
35. what is the decimal seperator used in ISO?
a) Full stop
b) Comma
c) either A or B
d) None of the above
36. What are criteria's for initiating a cover method?
a)Participants RMA
b)Participants availability on SWIFT
c)Account relationships between participants
d)Both A&B
37. If the Creditor Agent is unable to credit the Creditor then which message will be used to send back the received credit?
a) Pacs008
b) Pain002
c) Pain004
d) Pacs004
38. When should you start preparing for the ISO 20022 changes?
a) A successful transition to ISO 20022 requires a thorough impact assessment and multi-generational program planning.
b) Global central clearings have their respective timelines to fully migrate to ISO 20022 (some in stages, whereas some are big bang).
c) Lead time is required, and it is critical to provision for projects with funds and resources to take full advantage of this change.
d) All of the above
39. What are advantages of ISO20022 over legacy standards like MT
a)Richer data
b)More automation
c)Efficient
d)All of the above
40. If a Debtor Agent wants to inform Creditor Agent about a credit payments being on the way, what message they will use?
a) Pacs008
b) Camt 54
c) Pain 002
 d) Camt 57
41. Will the ACH Network move to ISO 20022?
a) Current focus of the ACH Network surrounds support for ISO 20022 integration
b) U.S. high-value (wire) timeline, the U.S. ACH Network does not plan to convert to ISO 20022
d) All of the above
42. In a pacs.002 message , which of the following status value can be reported ONLY by a creditor agent ?
a)ACCP
b)ACTC
c)ACCC
d)ACWC
43. Availabity of InstgRmbrsmntAgt in PACS.008 indicates
a) A serial Payment
b) A cover payment
c) A or B
d) None of the above
44. What is ISO 20022 and what are its advantages?
a) Current focus of the ACH Network surrounds support for ISO 20022 integration
b) In addition, work of the combined low-value and high value ISO groups should help to ensure that corporate clients using both wire and ACH

c) ISO 20022 is a global standard for financial messaging and is being adopted by high- value payment systems (e.g. RTGS) and domestic retail real-time paym
Its standardized format helps to increase efficiencies by increasing Straight Through Processing (SP) and reducing false positives for compliance related screenings"
d) None of the above
45. What is Settlement Method INDA mean?
a) Settlement done in India
b) Instructed Agent will be settling the payment
c) Instructing Agent will be settling the payment
d) Anyone can settle
46. When using Cover message, Debtor Agent will send which message to the Creditor Agent?
a) Pacs008
b) Pacs009 cov
c) Pain 002
d) Camt 54
47. What does pacs.009 represent?
a)FI to FI Credit Transfer
b)FI to FI Customer Credit Transfer
c)Payment Status Report
d)Cancellation Request
48. How to prepare for the ISO 20022 migration?
a) As a first step, organizations need to conduct an Impact Assessment and define a Target Operating Model to address the impacts. The typical timeframe is 8-12 weeks
organization size and number of connected clearings.
b) A successful transition to ISO 20022 requires a thorough impact assessment and multi-generational program planning.
 c) A & B
d) None of the above
49. Are there other considerations related to ISO 20022 that are in scope?
a) As a first step, organizations need to conduct an Impact Assessment and define a Target Operating Model to address the impacts. The typical timeframe is
factors such as organization size and number of connected clearings.
b) Some jurisdictions are only considering ISO 20022 as replacement for payment messages. However, messages relating to trade services, securities, card services and
legacy formats, hence we need to consider backward compatibility and coexistence periods.
c) Global central clearings have their respective timelines to fully migrate to ISO 20022 (some in stages, whereas some are big bang).
d) None of the above
50. What exacty is the Migration scope?
a) Current focus of the ACH Network surrounds support for ISO 20022 integration
b) Integration of ACH and ISO will be supported in a way that allows end users and financial institutions to cost-effectively support early adoption of ISO 20022
c) ISO 20022 adoption impacts SWIFT cross-border payments and cash management messages only, i.e. SWIFT MT category 1, 2 and 9 messages
d) All of the above

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