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

Begin your Payments Domain journey with Payment basics, SWIFT MT/ MX Message Flow with examples, MT vs MX Field Mapping

Ratings: 4.37 / 5.00




Description

**Part 1 of 2 courses**

UPDATE :

PACS.008 Message elements and MT vs MX Field Mapping

SWIFT Payment Groups and Migration Timelines

9 Assignments with answers to check your understanding of the messages

Practice test of 70+ questions


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?

  • Comprehensive understanding of Swift message types (MT/MX)

  • Familiarity with the structure and format of MT and MX messages

  • In-depth knowledge of common MT and MX message types used in the banking industry

  • Ability to interpret and analyze MT and MX messages accurately

  • Enhanced skills in handling Swift messages and related processes

  • Increased confidence in working with Swift message types in a professional setting

Who is this course for?

  1. Business Analysts and Consultants of Payments Domain

  2. Employees of banks, financial institutions, and corporations dealing with Swift messages

Why should you enroll to this course?

  • Gain a competitive advantage by acquiring specialized knowledge of Swift message types

  • Enhance your professional skills and broaden your understanding of the banking industry

  • Stay updated with the latest industry standards and best practices related to Swift messages

  • Improve your job prospects and increase your career growth opportunities

  • Access high-quality course content, including practical examples and case studies

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

SWIFT Payment Groups and Migration Timelines

  1. Understanding Payment Groups

  2. Migration Timelines

Agent and Party Roles in SWIFT MX

Understanding Pacs.008 Message elements and MT vs MX Fields Mapping

  1. The Group Header Block

  2. The Credit Transfer Transaction Information Block

Assignments and Practice Test


What You Will Learn!

  • Basics of Payment Systems, Basics of SWIFT, SWIFT Code, SWIFT FIN and GPA
  • SWIFT MT Message Structure, Categories and Guidelines
  • MT 103 Serial and Cover Method with message examples
  • MT Category 2 and Category 9 Messages
  • SWIFT ISO 20022 MX messages with message flows | Agents and Parties in MX
  • SWIFT Payment Groups and Migration Timelines
  • Pacs.008 message elements in details with message example
  • MT vs MX Field mapping
  • SWIFT GPI and latest developements
  • 9 Case studies
  • Practice Test with more than 70 questions

Who Should Attend!

  • Business Analysts and Consultants Payments Domain
  • Beginners and Aspirants of Payments Domain
  • Trade Finance Practitioners