Certification from Swift
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The Ultimate validation of skills
– How do you demonstrate to prospective employers that you are a true Swift Expert?
– How do you really know the Swift knowledge of candidates?
– Want to get ahead in your career in the payments industry?
Topic Swift Certified Expert - Payments
Aim Individuals who successfully pass the certification exam for payments are acknowledged experts in the
creation, processing, and troubleshooting of Swift MTs.
Content General knowledge of Swift and the Payments Market
Message Type categories 1, 2, 9 and Common Group Messages
Processing methods: High Value, Serial and Cover payments
Troubleshooting: Message Flows, Mapping Rules, Party Identification, and Charging Options
Payment Regulations
Target Audience Individuals who process Messages on a day-to-day basis
Individuals who troubleshoot exception Messages
Managers or Supervisors of the above
Career Path Senior Payments Expert
Possible next steps for
certificate holders includes: Senior Customer Support Engineer
Project Manager: payment related solutions
Recommended Study Work with Messages – Payments – Associate
Swift Smart Curricula’s:
Work with Messages – Payments – Professional
Work with Messages – Payments – Expert
Experience At least one year of practical experience of working with Swift MT’s in a commercial environment
Exam Method A variety of multiple-choice questions and situational scenarios
Proctored exam - onsite or remote as part of tailored training event
Fee Certification fee
+
Proctoring fee
Validity Three years
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As Swift certification is based on transparency,
exam criteria is detailed below to help ensure you
are fully prepared.
Exam questions may additionally test your ability to
apply knowledge and theory to relevant situational
scenarios.
In order to successfully pass the exam, you need
to be able to:
General Knowledge of the Payments Market - Swift and Payments
Explain the difference between bank to bank and customer payments
Describe each of the two categories of payment instruments
Describe the purpose of correspondent banking and a correspondent bank
Define the meaning of Nostro and Vostro
Define Straight Through Processing (STP)
Describe the impact Mapping Rules have on STP
List at least three types of transfer that can be carried out over the Swift network
Compare Serial and Cover methods of customer payments
Explain why correspondent banks are specified in MTs using the Cover method
List the two advantages to using the Cover method when more than two banks are involved in a payment transaction
List the five MT's (payment and reconciliation messages) that can be used in the message flow for customer payments when usin g the
Cover method
Match the description and type for each of the following MT's: 900, 910, 940, 950, 103, 202
Standards - Customer Payments | Bank to Bank Payments
Define a customer payment
Recall each of the four important parties involved in a customer payment
Explain the circumstances in which field 53a and field 54a in a MT 103 cover method would be used
Explain the importance of specifying field 56a in a MT 103
Explain why it is a good practice to specify field 52a in a MT 103
Define the usage of field 57a in a MT 103
Define the usage of field 57a in a MT 103
Identify the most commonly used Swift method when sending bank to bank payments
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MT103 - Single Customer Credit Transfer
Name the two Message Types used when sending a customer payment using the Cover method
Explain the impact that sending MT 103 using the Cover method has on payments
Describe each of the parties that can be involved on the receiving side in a MT 103 sent with the Serial method
Describe a scenario that uses field 33B in a MT 103
Name the field that can be used to specify an ordering institution in a MT 103
Name the field that can be used to specify an intermediary institution in a MT 103
Select the most appropriate charging option that would result in the highest amount of funds being paid into the beneficiaries account
in a three-party payment sent using the Serial method
Describe the purpose of field 71A in a MT 103
Explain the circumstances in which there would be 4 instances of field 71F in a MT 103
List the three charging options for a MT 103
Explain the likely impact to customers of using field 72 in a MT 103 message
Explain the purpose of the code word ACC that can be used to format field 72 in a MT 103
Explain the purpose of the code word INT that can be used to format field 72 in a MT 103
Explain the purpose of the code word INS that can be used to format field 72 in a MT 103
Define the usage of Sender's Correspondent with letter option B (field 53B) in a MT 103
Explain the importance of the letter option A when used in field 57a of a MT 103 (:57A:)
Explain the importance of the letter option C when used in field 57a of a MT 103 (:57C:)
Explain the importance of the letter option D when used in field 57a of a MT 103 (:57D:)
Explain how to use the instruction codes in a MT 103
Describe the likely non STP impact when formatting a MT 103 wrongly
Identify relevant fields in a MT 103 that could cause a STP problem at the Receiver side
Identify possible message flow impact when using free format fields in a MT 103
Describe Swift rules of formatting text fields and account number fields in a MT 103
MT 200 - Financial Institution Transfer, Own Account
Describe when a MT 200 would be used
Explain the purpose of field 53B in a MT 200
Explain the purpose of field 57a in a MT 200
Explain the limitations of the MT 200 when used in cash management scenarios
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MT 202 - General Financial Institution Transfer
Describe when a MT 202 would be used
Explain how a MT 202 would be used in relation to a bank’s own cash management movements
Explain the content of Sequence A in a MT 202 COV
Explain the formatting rules for field 72 in a MT 202
Describe each of the two additional fields that are used in a MT 202 COV message when 2 correspondents are used
Explain how to send a MT 202 when three banks are involved in the flow on the receiving side
Describe when each of the following MTs would be used: MT 202 COV, MT 205, MT 205 COV, MT 200
Explain what the Sender's Correspondent with letter option B (field 53B) is used for in the MT 202
Explain the content of Sequence B in a MT 202 COV
Explain the purpose of the code word BNF that can be used to format field 72 in a MT 202
Explain the purpose of the code word INT that can be used to format field 72 in a MT 202
Explain the purpose of the code word PHONBEN that can be used to format field 72 in a MT 202
Explain the purpose of the code word ACC that can be used to format field 72 in a MT 202
Explain the meaning of fields 20 and 21 in a MT 202 COV sent using the Cover method
Explain the meaning of fields 20 and 21 in a MT 202
Explain likely actions needed when receiving a non-compliant message
Explain the circumstances in which field 53a and field 58a in a MT202 are used
MT 210 - Notice to Receive
Explain the purpose of a MT 210
Reporting Messages - MT 900 | MT 910 | MT 940 | MT 942 | MT 950
Explain the circumstances in which MT 940 and MT 950 would be used
List the key difference between MT 940 and MT 942
Payment Regulations
Explain the importance of the letters A, B, C and D when used in field 57 of a MT 103
Describe the purpose of Financial Action Task Force (FATF)
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Exception Process - Common Group Messages
Summarize exception handling of Swift Messages
Describe a differentiator of a Common Group message
Explain the potential use of a MT 199
Explain the potential use of a MT 299
Describe the purpose of each of the following MT n91, MT n92, MT n95, MT n96
Explain when to use the appropriate message from the Common Group Messages
Explain possible scenarios when using the MT n95 incorrectly
Explain possible scenarios when using the MT n92 incorrectly
Identify the recommended MT message to request more information or clarification about the original message received
Exception Process - High Value Payments | Serial and Cover Methods | Nostro vs Vostro Accounts
Describe the impact that using the Cover method has on MT 103 and MT 202 COV
Use the Mapping Rules between a MT 103 and a MT 202 COV
Describe the driver for recording customer details from the MT 103 into the MT 202 COV
List at least three correctly formatted fields that cannot be changed in a MT 103 message flow sent with the Serial or Cover method
Explain why each of these fields cannot be changed
Exception Process - Charges
Describe Swift transaction charges
Explain the purpose of Sender's Charges (field 71F) and 71G in the MT 103
Explain the purpose of Receiver's Charges (field 71G) in the MT 103
Define each of the following charging options; BEN, OUR, SHA
Explain why fees cannot be deducted by sending or receiving banks for MT 202 COV
Reporting Messages - MT 900 | MT 910 | MT 940 | MT 942 | MT 950
Explain the circumstances in which MT 940 and MT 950 would be used
List the key difference between MT 940 and MT 942
Exception Process - Reject and Return Messages
Explain the difference between a Rejected message and a Returned message
Explain how to use each of the three mandatory lines of field 72 in a rejected MT 103
Recall at least one scenario when a payment is not rejected and is returned instead
Explain how to use each of the three mandatory lines of field 72 in a returned MT 103
Explain how to use each of the three mandatory lines of field 72 in a rejected MT 103
