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Course 1 – Payments Fundamentals
The purpose of payments fundamentals course is to provide you with the principles and keys to understand and study any payment system.
Module 1 â Payments, Payment instruments and payment systems
- What is a payment?
- Payment instrument definition and classification
- Cash and non-Cash usages
- Payment systems definition
- Payment systems volumes
- End parties and their needs
- End parties quadrants in payments
- Assessment Quiz
Module 2 â Payments systems models
- Introduction to payments systems models
- System modeling
- Types of payments systems models
- Open loop models
- Payments system(s) anatomy at country level
- Example Payments systems in France
- Closed loop models
- Example American Express
- Models for cryptocurrencies
- Example the Bitcoin
- Assessment Quiz
Module 3 â The Four Corner Model
- From Open Loop Models to the Four corner Model
- The Four Corner Model
- Few examples of Four Corner Models
- Direct and Indirect participants to CSMs
- Direct participants
- Indirect participants with no direct access to clearing system
- Indirect participants with direct access to clearing system
- Participation directories
Module 4 â Clearing and settlement Mechanisms
- What is Clearing?
- Bilateral clearing
- Multilateral clearing
- (Gross and Net) Settlement
- The two types of Net Settlements
- Main types of clearing and settlement systems
- Assessment Quiz
Module 5 - Push and Pull payments and related risks
- Introduction and definitions
- Push payments and few examples
- Pull payments and few examples
- Summary â Push and Pull payments
- Assessment Quiz
Module 6 - Payments messages standards
- The Four Corner Model
- Customer-to-bank space and interbank space
- Why standards are needed for payment messages
- Payments Messages Standards (ISO 20022, SWIFT MT/MX, Local standards)
- Original transactions and Related-transactions
- Assessment Quiz
Module 7 - Domestic and International payments
- Domestic payments
- Definition
- Intrabank payment
- intra bankgroup payments
- Interbank payments
- International payments
- Domestic vs. Cross-border payments
- The six party model for cross border payments
- Correspondent banking â Nostro, Vostro and Loro accounts
- SWIFT â The global secure messaging platform
- Assessment Quiz
Module 8 - Payment processing value chain
- Value chain and Payment processing value chain
- Payment processing value chain (From a bankâs perspective)
- The Straight Through Processing (STP)
- Payment processing value chain analysis
- Payment acquisition and reporting
- Payment Order Management
- Payment Exchange
- Payment status reports
- Assessment Quiz
Module 9 â Regulations and Risks in payments
- Payments regulations
- Introduction
- Key regulatory goals
- Few examples of payment regulations and initiatives
- Subjects covered by private rules
- Risk and risk management in payments
- Definitions
- The main types of risks in payments
- Operational risks (Errors and Failures, Fraud risk, Data security risk, Business disruption risk)
- Legal risks (Compliance risk, Regulatory risk, Contractual risk)
- Financial risks (Credit risk, Liquidity / Settlement risk, Systemic risk)
- Assessment Quiz
Module 10 - Economic models in payments
- Economic models of Payments Systems and Payment Service Providers
- Economic models of Payments Systems
- Example of CSMs
- Example of Card schemes
- Example of cryptocurrency
- Economic models of Payment Service Providers
- PSPs Direct revenues
- Transactions fees
- Interest on associated loans
- Monthly maintenance fees
- Subscription fees
- Commission on turnover (CoT)
- Exception fees
- PSPs Indirect revenues
- Float
- Interchange
- Net interest income on deposit balances
- Assessment Quiz
Module 11 â Main key players in the payment industry
- Payments is a dynamic industry with a bright future
- Overview of few main players in the payments industry
- Players that are part of the value chain
- Consumers and merchants
- Bank payment service providers
- Non-bank payment service providers
- Card schemes
- ACH schemes
- RTP schemes
- RTGS schemes
- Other players
- Technology vendors
- Business and IT Consulting companies
- Strategy and Advisory Consulting companies
- Players that are part of the value chain
- Assessment Quiz
Course 2 – Understand and Master the SEPA Credit Transfer
The Understand and Master the SEPA Credit Transfer Course was designed for people who work in the payment industry or who want to understand how the SEPA Credit Transfer really works.
Module 1 â Introduction to SEPA and SEPA Payments
- Definition of SEPAâ
- The SEPA Geographical Areaâ
- What is a SEPA Payment Scheme?â
- The Four SEPA Payments Schemesâ
- The main SEPA Payments Initiativesâ
- The Payment Services Directiveâ
- The Payment Services Directive 1 and 2â
- The European Payments Councilâ
- The EPC scheme documentsâ
- SEPA Payments Schemes publications â The calendar and main milestonesâ
- The Payment Service Providers in SEPAâ
- The generic Four Corner Model for all SEPAÂ Paymentsâ
- SCT and SCT Inst are push paymentsâ
- SDD Core and SDD B2B are pull paymentsâ
- SEPA payments rely on open international standards
- Few statistics in different European countriesâ
- Assessment Quizâ
Module 2 â The SCT scheme documents and the Four Corner Model
- The Four Corner Model is at the basis of the SCTÂ â
- The SCT scheme and the Four Corner Modelâ
- The SCT scheme rules are described in the EPC Rulebooksâ
- The EPC documents for the SEPA Credit Transferâ
- The Main documentsâ
- Other interesting EPC documents for SCT implementation projects
- Other useful resources for the SCT Implementation projectsâ
- An important tip for reading new versions of the main EPC documents
- The Four Corners: What are they ?â
- End parties in the SCT Four Corner Modelâ
- The Payment Service Providers in SEPAâ
- The PISP and the Four Corner Modelâ
- Assessment Quiz
Module 3 â Clearing, Settlement and Market infrastructures of the SCT
- Clearing and settlement systems in the Four Corner Modelâ
- Clearing and Settlement â Definitionsâ
- Market infrastructures of the SEPA Credit Transferâ
- Separation of the scheme and the infrastructures â What does it mean?â
- SCT Scheme compliant clearing systems and their categoriesâ
- Common characteristics of CSMâ
- Interoperability of clearing systemsâ
- Interoperability at CSM level â What it impliesâ
- The two models of connections to CSM in the SEPA Areaâ
- Prioritization of clearing systems during the payment processingâ
- Types of processing cycles in clearing systemsâ
- Participation Directory of a Clearing systemâ
- Interconnections of CSMâ
- Assessment Quiz
Module 4 â The messages exchanged in SCT Scheme
- The LIMF Method applied to payment schemesâ
- The messages exchanged in the SCT Scheme are found in the Implementation guidelinesâ
- Overview of all messages listed in the SCT Implementations Guidelinesâ
- Overview of all messages listed in the SCT IG and Customer Reporting messagesâ
- SEPA Message names are inherited from the ISO 20022 standardâ
- Structure and meaning of SEPA message namesâ
- Overview of all messages listed in the SCT IG and Customer Reporting messagesâ
- Messages in the Customer-to-bank spaceâ
- Customer to Bank Instruction and PSR messages (Pain.001 and Pain.002)ââ
- Bank to Customer Reporting messages (Camt.052, Camt.053, Camt.054)â
- Messages in the Interbank spaceâ
- Pacs.008.001.02 (SCT), Pacs.002.001.03 (Rejet SCT), Pacs.004.001.02 (Return SCT), Camt.056.001.01 (Recall), Pacs.028.001.01 (Request for Status update), Camt.029.001.03 (Negative Response to Recall)âââ
- Camt.027.001.06 (SCT Inquiry â Claim non-receipt), Camt.029.001.08 (Response to claim non-receipt), Camt.087.001.05 (SCTÂ Inquiry â Claim for Value Date correction), Camt.029.001.08 (Response to Claim for Value Date correction)ââ
Module 5 â Messages in the Customer-to-Bank space: the Standard ISO 20022 and SCT Implementations Guidelines
- Introduction to the standard ISO 20022â
- Standard ISO 20022 and Paymentsâ
- Syntax and semantics in the standard ISO 20022â
- ISO 20022 specifications and the SEPA Implementation Guidelines (IG)â
- Message elements available in the Standard ISO 20022 and their usage in SEPAâ
- Comparison of SEPA IG and ISO 20022 specificationsâ
- Summary of differences between SEPA IG and ISO 20022 specificationsâ
- SEPA CORE Payments and Additional Optional Services (AOS)â
- Different types of Additional Optional Services (AOS)â
- Overview of all messages listed in the SCT IG and Customer Reporting messagesâ
- Deep dive into customer-to-bank messages used in the SCT Schemeâ
- Pain.001.001.03 and Pain.002.001.03â
- Camt.052.001.02, Camt.053.001.02 and Camt.054.001.02â
- Assessment Quizâ
Â
Module 6 â Messages in the Interbank space: the Standard ISO 20022 and SCT Implementations Guidelines
-
- Reminder : the GAIM method to apprehend SEPA messages is very powerfulâ
- Summary of differences between SEPA IG and ISO 20022 specifications â
- Deep dive into messages used in the Interbank Space of the SCT Schemeâ
- Pacs.008 message structureâ
- Pacs.004 message structure and reason codesâ
- Camt.056 message structureâ
- Pacs.028 message structureâ
- Camt.029.001.03 message structure and reason codes in SEPAâ
- Camt.027 message structureâ
- Camt.087 message structureâ
- Camt.029.001.08 message structure â
- Camt.029.001.08 response codes in SEPAâ
- Assessment Quizâ
Â
Module 7 â The main features of the SEPA Credit Transfer
- Main features of the SEPA Credit Transferâ
- The SCT uses the IBAN as account identifierâ
- The SCT uses the BIC as Bank identifierâ
- The SCT allows only shared feesâ
- The SCT is a non-urgent transferâ
- The SCT execution time is maximum one business dayâ
- The SCT allows amounts exclusively in EURâ
- The SCT can carry up to 140 characters unstructured or structured Remittance Informationâ
- The SCT can transport ultimate debtor and ultimate creditor Informationâ
- The SCT is independent of acquisition and clearing channelsâ
- Assessment Quizâ
Module 8 â SCT Payment Processing value chain: Acquisition and Reporting
- Payment processing value chain (from bankâs perspective)â
- Payment processing value chain â Inside the bankâ
- Payment channelsâ
- Third Party Providers channelsâ
- File Transfer channelsâ
- File Transfer channels and the communication protocolsâ
- Security in file transfer channels â the main challengesâ
- Security is achieved through the use of cryptography techniquesâ
- Asymmetric encryption mechanisms use pairs of keysâ
- Asymmetric encryption mechanisms â how it worksâ
- Asymmetric mechanisms â combination of hash functions and keysâ
- Asymmetric mechanisms â the reality (is a bit more complex)â
- Digital Certificate or public key certificateâ
- Summary of encryption mechanismsâ
- The EBICS Protocolâ
- Encryption in the EBICS Protocolâ
- EBICS Protocol â The summaryâ
- SWIFTNet and the SWIFTNet Protocolsâ
- Acquisition and Reporting agreementsâ
- Practical example to illustrate how it worksâ
- Typical requirementsâ
- Users and College of Signatoriesâ
- Typical checks and outcomesâ
- Assessment Quizâ
Module 9 â SCT Payment Processing value chain: Order Management
- Payment processing value chain (from bankâs perspective)â
- Payment processing value chain â Inside the bankâ
- Payment order management â Introduction and generalityâ
- Payment order management for the SEPA Credit Transferâ
- Single-beneficiary and Multi-beneficiary payment ordersâ
- POM Payment processing stepsâ
- POM functions and servicesâ
- Payment parsing and validationâ
- IBAN validation and verificationâ
- BIC / IBAN coherence checkâ
- NAR validation and enrichmentâ
- Dates and the related controlsâ
- Dates â Processing time, Calendar and Business daysâ
- Dates â Open Business daysâ
- Duplicate checksâ
- POM functions and servicesâ
- Processing agreementsâ
- Service Execution speedâ
- Service Requested execution date as Settlement dateâ
- Service Duplicate checksâ
- Service Late modificationâ
- Service percentage of erroneous transactionsâ
- Service management of erroneous orders / operationsâ
- Service deferred cut-offâ
- Service accounting methods for booking entriesâ
- Pending order managementâ
- Balance checkâ
- Routing and issuingâ
- Assessment Quizâ
Module 10 â SCT Payment Processing value chain: Payment exchange
- Payment processing value chain (from bankâs perspective)â
- Payment processing value chain â Inside the bankâ
- Payment Exchange Platform (PEP)â
- Payment exchange platform â A focal pointâ
- PEP functions and servicesâ
- Sanctions screeningâ
- PEP and Routing directoriesâ
- SEPA Routing Directory and other CSM directoryâ
- Participation directories versionsâ
- Payment Exchange Platform â Bulking and Debulking â
- Assessment Quizâ
Course 3 – Secrets for your SEPA Credit Transfer Projects
The Secrets for your SEPA Credit Transfer projects Course was designed for people who deliver payment projects and want to become highly skilled payment professionals.
Module 1 â Booking and the SEPA Credit Transfer
- Introduction to Bookingââ
- The double entry bookkeeping principle ââ
and accounting eventsââ - Examples of accounting events to illustrate the double entry principleââ
- Different types of bank accountsââ
- Booking and non-booking transactionsââ
- Creditor bank pacs.008 (SCT) bookingââ
- Creditor bank pacs.004 (Return) bookingââ
- Creditor bank pacs.004 (Pos. response) booking â the amountsââ
- Creditor bank pacs.004 (Positive response)Â bookingââ
- Debtor bank credit transfer pain.001 and pacs.008 booking â Order with one transactionââ
- Debtor bank credit transfer pain.001 and pacs.008 booking â Order with ten transactionsâ
- Debtor bank pacs.004 (normal return) bookingââ
- Debtor bank pacs.004 (positive response)Â bookingââ
- Correspondent banking in domestic payments â Nostro, Vostro and Loro accountsââ
- Correspondent banking in domestic payments â Nostro and Vostro accountsââ
- Shadow and mirror accountsââ
- Shadow and mirror accounts â Illustration with an account relationship between DP and IPââ
- Real and Mirror accounts in end-to-end the processing of a SCTââ
- Real and Mirror accounts in settlement between IP and DPââ
- Reconciliation of real and mirror accountsââ
- Example of reconciliation with single booking between IP and DPââ
- Assessment Quizâ
Module 2 - Account Balance Management
- Challenges of Account balance managementââ
- Challenge 1 of account balance managementââââ
- Challenge 2 of account balance managementââ
- Customer account balance management : the ideal and the reality for banksââ
- Balance Management System (BMS)
- Intraday balance and account balanceââââ
- Challenge 1 with a BMS systemââââââ
- Challenge 2 with a BMS systemââââ
- Introduction to merge accountsââ
- Balance Management for merge accounts â Payment initiationââââââââ
- Balance Management for merge accounts â Payment receptionââ
- Assessment Quizâ
Module 3 â Payment engines
- Introduction to payment enginesââ
- Payment engines interact with many systems in the bankââ
- Payment engines and Payment Services Hubsââ
- Payment engines and the payment processing value chainââ
- Finding the Payment engines in your projectsââ
- Example 1 of payment engines application architecture ââ
- Example 2 of payment engines application architectureââ
- Example 3 of payment engines application architecture ââ
- Example 4 of payment engines application architecture ââ
- Options for Payment engines Implementationââ
- Main actors of PE implementation projectsââ
- Few payment engines for SEPA Payment Processingââ
- Assessment Quizâ
Module 4 â Payment engines integration into the Bank IT landscape
- Payment engines interact with many systems in the bankââ
- Interfacesââ
- Interfaces play a crucial role in payment processing ââ
- Synchronous messaging (or communication)ââ
- Asynchronous messaging (or communication)ââ
- 2-way asynchronous communicationââ
- Challenges of asynchronous communicationââ
- Batch Modeââ
- Transactional Modeââ
- Surrounding systems of a payment engine (POM)ââ
- Authentication & rightsââ
- Channelsââ
- CSM and SWIFT Directoriesââ
- Customer Referentialsââ
- Fraud detectionâ
- Surrounding systems of a payment engine (POM)ââ
- Accounting systemsââ
- Audit log or Audit Trailââ
- Pricing & Billingââ
- Archivingââ
- Reportingââ
- Data warehouse & Statisticsââ
- Monitoringââ
- The Schedulerââ
- Investigationsââ
- Surrounding systems of a payment engine (PEP)ââ
- Screeningââ
- Intrabank and Interbank Networksââ
- Assessment Quizâ
Module 5 â Payment engine and the Graphical User Interface
- Introduction to Graphical User Interfacesââ
- Navigation menu on the left of the pageââ
- Navigation menu on top of the pageââ
- Payment instruments and the GUIââ
- Payment engines GUI â Naming and organizing the menu items ââ
- Payment capture â Key principlesââ
- SEPA Payment capture â Best practicesââ
- Payment information displayed on the GUIââ
- Examples of pain.001 and pacs.008ââ
- Original transactions and related transactions (R-transactions)ââ
- Original transactions and R-transactions on the GUIââ
- Reconciliation of R-transactionsââ
- Linking original and r-transactions on the GUIââ
- The 3270 screensââ
- Assessment Quizâ
Module 6 - Payment engine User rights and actions
- User actions â introductionââ
- User rights, user roles and users â the overviewââ
- User rights and user rolesââ
- Role-Based Access Control (RBAC) and User rolesââ
- Illustration of user role and RBAC on menu itemsââ
- The search and search criteriaââ
- Generic search stepsââ
- Tips and suggestions about search screensâ
- The worklist items (WLI)ââ
- The worklist items should be pushedââ
- The worklist items (WLI) should be exhaustiveââ
- Prioritization of worklist itemsââ
- Messages on the worklist itemsââ
- Messages on the worklist items â Clarity, training and documentationââ
- Audit log or audit trail â Logging of actionsââ
- Settings and parametersââ
- Assessment Quiz
Module 7 â State machine diagrams of payment entities
- Introduction to State machine diagramsââ
- Examples of State machine diagramsââ
- The light bulbââ
- The doorââ
- The entities of a payment messageââ
- Process flows of the payment entitiesââ
- Message â State machine diagramââ
- Order â State machine diagramââ
- Transaction â State machine diagramââ
- State diagrams and bookingââ
- Assessment Quizâ
Module 8 - Scope of your SCT project
- What is your SCT project about ?ââ
- SCT messages and your projectââ
- Which messages are in scope of your project?ââ
- Messages in the customer-to-bank spaceââ
- The Originator bank interbank messagesââ
- The Beneficiary bank interbank messagesââ
- Messages exchanged with Clearing systemsââ
- Messages exchanged with EBA STEP2Â (SCTÂ Scheme)
- The Payment processes â few key conceptsââ
- The rulebooks contain high-level processesââ
- Typical processes in scope of an SCT projectââ
- The processes in your SCT projectââ
- The applications in scope of your projectââ
- The geographical scopeââ
- Internal and external customersââ
- Assessment Quizââ
Module 9 â Information system architectures
- Why the architectural approach
- The challenges
- The objectives
- The Architectural approach â What is it?ââ
- How the architectural plans relate to each otherââ
- The process architectureââ
- The functional architectureââ
- The functional architecture with sub-functional blocksâ
- Functional architecture â a payment exchange platformââ
- The Application architectureââ
- Application architecture â data flowsââ
- Application architecture â Integration toolsââ
- The technical architectureââ
- Technical architecture â Load balancing and high availabilityââ
- Assessment Quizââ
Course 4 – Initiation to Cross-Border Payments
The Initiation to Cross-border payments Course provides a step-by-step explanation of how cross-border payments work.
Module 1 â Key strategies to understand how cross-border payments work-Organization of market infrastructures
- What is a Cross-border payment?â
- The « six party model » for cross border paymentsâ
- The four key strategies to understand how cross-border payments workâ
- Strategy #1 â Understand the principles behind the organization of market infrastructures in the different countries of the worldâ
- Payment systems models â Open loop modelsâ
- Open loop models â Payment systems anatomyâ
- Payment market infrastructures in France (EUR)â
- Payment market infrastructures in the USA (USD)â
- Payment market infrastructures in Australia (AUD)â
- Payment market infrastructures in South Africa (ZAR)â
- Payment market infrastructures in UK (GBP and EUR)â
- Payment market infrastructures in Sweden (SEK and EUR)â
- Payment market infrastructures in Norway (NOK and EUR)â
- Payment market infrastructures in China (CNY/RMB)â
- Payment market infrastructures in Japan (JPY)â
- Payment market infrastructures in Canada (CAD)â
- Payment market infrastructures in India (INR)â
- Answers to key questions of Strategy #1â
- Assessment Quizâ
Module 2 â Key strategies to understand how cross-border payments work-Correspondent account relationships
- The Strategy 2 to understand how cross border payments workâ
- Banks need to send and receive payments in foreign currencyâ
- Banks and correspondent accountsâ
- Correspondent banking â unilateral account relationshipâ
- Correspondent banking â Nostro, Vostro, Loro accountsâ
- Unilateral account relationship and mirror accountâ
- Bilateral account relationshipâ
- How mirror accounts are used â
- Funds in currency are kept on correspondent accountsâ
- Transfers in currency and the correspondent accountâ
- The correspondent networkâ
- Different types of currenciesâ
- Opening of correspondent accounts â direct depositâ
- Answers to key questions of Strategy #2â
- Assessment Quizâ
Module 3 â Key strategies to understand how cross-border payments work-The SWIFT Network and the SWIFT standards
- The strategy 3 to understand how cross border payments workâ
- The situation before the SWIFT Network â
- SWIFT addresses security and automationâ
- SWIFTNet is a highly secure Networkâ
- SWIFT standards enhance the communicationâ
- SWIFT standards enable automationâ
- SWIFTNet interconnects banks and corporationsâ
- SWIFTNet is a messaging systemâ
- SWIFT and the BIC codeâ
- Assessment Quizâ
Â
Module 4 â Key strategies to understand how cross-border payments work-Introduction to FX markets and how banks handle currencies
- The Strategy 4 to understand how cross border payments workâ
- Cross border payments and currency exchangesâ
- FX Markets are used by banks and their customersâ
- Foreign exchange â Introduction and definitionâ
- ISO 4217: the Standard for currency codesâ
- FX â Fixed Exchange rate and Floating Exchange rateâ
- Foreign exchange â Currency pairsâ
- BID price and ASK price for banks and customersâ
- Foreign exchange â Example of a currency quoteâ
- Foreign exchange â Direct and Indirect Quotationâ
- Foreign exchange â Currency tenorâ
- Foreign exchange â The Floatâ
- Liquidity management (in cross border payment context)â
- When do banks go the FX markets?â
- Adjustments on the FX account(s)â
- Funds in currency are kept on correspondent accountsâ
- Assessment Quizâ
Module 5 â Modeling cross border payments
- What is a Cross-border payment?â
- The « six party model » for cross border paymentsâ
- Customer Credit Transfer to a customer of the correspondent bankâ
- Customer Credit Transfer to a customer of the correspondent â
bankâs subsidiaryâ - FI Transfer to the correspondent bankâs subsidiaryâ
- Customer Credit Transfer to a customer of another bank in the monetary zoneâ
- FI Transfer to another bank in the monetary zoneâ
- Customer Credit Transfer to a customer of a major bankâs subsidiary in the monetary zoneâ
- FI Transfer to a major bankâs subsidiary in the monetary zoneâ
- Customer Credit Transfer from a customer of a major bankâs subsidiary to a customer of another major bankâs subsidiaryâ
- FI Transfer from a major bankâs subsidiary to the subsidiary of another major bankâ
- Customer Credit Transfer â Bank 1 and Bank 2 have the same correspondent in the country of the currency of transferâ
- FI Transfer â Bank 1 and Bank 2 have the same correspondent in the country of the currency of transferâ
- Customer Credit Transfer â Bank 1 and Bank 2 have the same correspondent and subsidiaries are involvedâ
- FI Transfer â Bank 1 and Bank 2 have the same correspondent and subsidiaries are involvedâ
- Customer Credit Transfer â Bank 1 and Bank 2 have different correspondents in the country of the currency of transferâ
- FI Transfer â Bank 1 and Bank 2 have different correspondents in the country of the currency of transferâ
- Customer Credit Transfer â Bank 1 and Bank 2 have different correspondents and their subsidiaries are involvedâ
- FI Transfer â Bank 1 and Bank 2 have different correspondents and their subsidiaries are involvedâ
- Assessment Quizâ
Module 6 â MT Messages in Cross border payments
- SWIFT Messages standardsâ
- The main spaces in cross border paymentsâ
- How to get the messages overview?â
- SWIFT MT Messages for Customer transfersâ
- SWIFT MT Messages for Financial Institution transfersâ
- Bank roles in Cross border paymentsâ
- SWIFT MT Message Identifiersâ
- Structure of a SWIFT MT Messageâ
- SWIFT MT Message structure exampleâ
- MT Message field structureâ
- List of SWIFT Messages Typesâ
- MT Messages in the Customer-to-bank Spaceâ
- SWIFT MT Messages for Customer transfersâ
- MT Messages in the Bank-to-correspondent Spaceâ
- SWIFT MT Messages for Financial Institution transfersâ
- Assessment Quizâ
Module 7 â MX Messages in Cross border payments
- SWIFT Messages standardsâ
- Advantages of SWIFT MX standardsâ
- SWIFT migration to MX messages â The calendarâ
- The different spaces in cross border paymentsâ
- How to get the messages overview?â
- SWIFT MX Messages for Customer transfersâ
- SWIFT MX Messages for Financial Institution transfersâ
- MT and MX ISO 20022 have different vocabulariesâ
- SWIFT MX message namesâ
- Structure and meaning of SWIFT MX message namesâ
- SWIFT MX Message Definition Reports and Schemas
- SWIFT MX Message structureâ
- Difference between ISO 20022 and SWIFTNet MX messagesâ
- MX Messages in the Customer-to-bank spaceâ
- SWIFT MX Messages for Customer transfersâ
- MX Messages in the Bank-to-correspondent spaceâ
- SWIFT MX Messages for Financial Institution transfersâ
- Assessment Quizââ
Module 8 â Basic Customer and Financial Institution Credit Transfers
- Basic MT103 Transfer with Direct Account Relationshipâ
- MT103 Transfer with optional fields 53B, 70 and 71G // Pacs.008â
- MT103 Transfer with fields 52a, 57a // Pacs.008â
- Message 1 from Bank to correspondentâ
- Message 2 from correspondent to Creditor Agentâ
- Transfer with Currency conversionâ
- MT 103 from bank to correspondent // Pacs.008â
- MT950 from correspondent to Bank // Camt.053â
- MT202 FI Transfer // Pacs.009Â â
- Message 1 from FI debtor to correspondentâ
- Message 2 from correspondent to Creditor Agentâ
- Assessment Quizâ
Module 9 â Serial and Cover Payments
- Serial and Cover Methods â Introductionâ
- Customer Credit Transfer â Cover Methodâ
- Customer Credit Transfer â Serial Methodâ
- Cover method analysis (MT and MX messages)Â â
- Customer instruction: MT101 // Pain.001
- MT 103 // Pacs.008 Announcement
- First MT202 COV // MX Pacs.009
- Second MT202 COV // MX Pacs.009
- MT910 // Camt.054 Credit Notification
- Serial method analysis (MT and MX messages)â
- First MT103 // MX Pacs.008
- Second MT103 // MX Pacs.008
- Third MT103 // MX Pacs.008
- Assessment Quiz
Module 10 â SWIFT MT and MX Messages structures
- SWIFT MT Messages structure
- SWIFT MT Message overview
- Structure of a SWIFT MT Messageâ
- SWIFT MT Message structure exampleâ
- SWIFT MT 101 Text block structureâ
- SWIFT MT 104 Text block structureâ
- SWIFT MT 103 Text block structureâ
- SWIFT MT 102 Text block structureâ
- SWIFT MT 202 Text block structureâ
- SWIFT MT 202 COV Text block structureâ
- SWIFT MT 204 Text block structureâ
- SWIFT MX Messages structureââ
- SWIFT MX Messages overview
- Syntax and semantics in the standard ISO 20022â
- MX pain.001.001.11 message structureâ
- MX pain.008.001.09 message structureâ
- MX pain.002.001.11 message structureâ
- MX pain.007.001.11 message structureâ
- MX camt.053.001.02 message structureâ
- MX pacs.008.001.10 message structureâ
- MX pacs.009.001.10 message structureâ
- MX pacs.010.001.05 message structureâ
- MX pacs.004.001.11 message structureâ
- MX pacs.007.001.11 message structureâ
- Assessment Quizâ
Course 5 Master Cross-Border Payments
The Mastering Cross-border payments Course provides an advanced step-by-step explanation of how cross-border payments work.
Module 1 â SWIFTNet: Registration, Connectivity and Services
- Prerequisites for exchanging messages on SWIFTNetâ
- SWIFTNet Identifiersâ
- Steps to get SWIFT Identifiers and become a SWIFTNet userâ
- Connectivity to SWIFTNetâ
- Cloud-based solutionsâ
- Alliance Kitsâ
- Alliance connect packagesâ
- SWIFTNet Link: the connectivity softwareâ
- Alliance connect implementation processâ
- Security on SWIFTNetâ
- SWIFT Public Key Infrastructureâ
- Certificates distributionâ
- Security on SWIFTNetâ
- Certificates and the HSMsâ
- Functions performed by the SNL and by the institutionâ
- Protocols and services on SWIFTNetâ
- Subscription and access rightsâ
- The Closed User Groups (CUG)â
- The Relationship Management Application (RMA)â
- Recap â actions before message exchangeâ
- SWIFTNet transactional modesâ
- Typical architecture for a direct connection to SWIFTâ
- Assessment Quizâ
Module 2 â Customer credit transfer initiation (MT101 and MX Pain.001)
- SWIFT MT 101 Text block structureâ
- MX pain.001.001.11 message structureâ
- How corporations use the MT101 / MX Pain.001â
- MT101/MX Pain.001 with two domestic transactionsâ
- MT101/MX Pain.001 usage to pay from multiple debit accountsâ
- MT101/MX Pain.001 usage to pay from a subsidiary accountâ
- MT101/MX Pain.001 usage by parent company to pay on behalf of subsidiariesâ
- MT101/MX Pain.001 usage for funds repatriationâ
- Assessment Quizâ
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Module 3 â Customer credit transfers where six financial institutions are involved
- Model where Bank 1 and Bank 2 have different correspondents and their subsidiaries are involvedâ
- Customer credit transfer where six banks are involved (Method 1 with a third reimbursement institution)â
- The announcement: MT103/MX Pacs.008â
- The MT202COV / MX Pacs.009 to the senderâs correspondentâ
- The MT205COV / MX Pacs.009 in the USD zoneâ
- The second MT202COV / MX Pacs.009â
- Customer credit transfer where six banks are involved (Method 2 using an Account with Institution)â
- The announcement: MT103/MX Pacs.008â
- The MT202COV / MX Pacs.009 to the senderâs correspondentâ
- The MT205COV / MX Pacs.009 in the USD Zoneâ
- The MT910 / MX Camt.054 to the Receiverâs Main officeâ
- Customer credit transfer where six banks are involved (Can a MT 103 serial be used ?)â
- First MT103/MX Pacs.008 with the serial methodâ
- MT103 Core and MT 103 STPâ
- MT103 Core and MT 103 REMITâ
- Assessment Quizâ
Module 4 â Financial Institution Credit Transfers and Direct Debits
- Financial Institution Credit Transfer with MT200 / MX Pacs.009â
- Financial Institution Credit Transfer with cover method
- The MT202 / Pacs.009 Advice
- The first MT202 / Pacs.009 Core as Coverâ
- The second MT202 COV / Pacs.009 Core as Coverâ
- The third MT202 COV / Pacs.009 Core as Coverâ
- The MT910 / MX Camt.054â
- The MT 204 /Â Pacs.010 Financial Institution Direct Debitâ
- Assessment Quizâ
Module 5 â Related transactions in cross border payments
- Original transactions and related transactions (R-transactions)â
- The main related transactionsâ
- Example of MT103 Rejectâ
- Example of MT103 Returnâ
- Cancellation request in the Cover methodâ
- Cancellation request from Customer (MT192 /Â MX Camt.055)â
- Cancellation request MT192 / MX Camt.056 on announcementâ
- Response to Cancellation request MT196 /Â Camt.029 (Pending)â
- Response to Cancellation request MT196 /Â Camt.029 (Cancelled)â
- Cancellation request MT292 on MT202COVÂ / MX Camt.056 on MX Pacs.009â
- First MT 202 COV Return / MX Pacs.004 Return after accepting a cancellation requestâ
- Cancellation Request Process in the MXÂ ISO 20022â
- Payment Reversalâ
- Customer Payment Reversal through domestic CSMâ
- SWIFT GPI tracker and Universal payment confirmations (MT 199)â
- Assessment Quizâ
Module 6 â Standing Settlement Instructions (SSI) and Settlement path determination
- Standing settlement instructionsâ
- Getting SSI data: the two main optionsâ
- FULL and DELTA versions of SWIFTRef Directoriesâ
- How SSIs are used during payment processingâ
- Algorithm to determine the settlement pathâ
- Many parties can be provided in the SSIâ
- How to send currency to a small Creditor Bank?â
- Updated algorithm to determine the settlement path â
- Assessment Quizâ
Module 7 â Foreign Exchange in Cross-border payments
- FX Markets are used by banks and their customersâ
- BID price and ASK price for banks and customersâ
- Foreign eXchange â Example of a currency quoteâ
- Foreign eXchange â Currency tenorâ
- Foreign eXchange â The Floatâ
- FX main process stepsâ
- 1. Find out if a FX conversion is requiredâ
- 2. Determine the rate typeâ
- 3. Determine the rateâ
- 4. Apply the rateâ
- Assessment Quizâ
Module 8 â Charges in Cross-border payments
- The charge optionsâ
- MT103 Serial with charge option BENâ
- MT103 Serial with charge option SHAâ
- MT103 Transfer with charge option OUR prepaidâ
- MT103 Serial with charge option OUR non-prepaidâ
- MT202 charge modelâ
- MT202: collection of chargesâ
- Usage of MTn90 (Advice of Charges)â
- Usage of MT191 (Request of Charges)â
- Query and Answer related to the MT191â
- Usage of MT191 with Account with Institution â
- Assessment Quizâ
Module 9 â XCT Payment processing value chain â Acquisition and Reporting
- Payment processing value chain (from bankâs perspective)â
- Payment processing value chain â Inside the bankâ
- Payment channelsâ
- Third Party Providers channelsâ
- File Transfer channelsâ
- The Worldwide host-to-host channelâ
- File Transfer channels and the communication protocolsâ
- Security in file transfer channels â the main challengesâ
- Security is achieved through the use of cryptography techniquesâ
- Asymmetric encryption mechanisms use pairs of keysâ
- Asymmetric encryption mechanisms â how it worksâ
- Asymmetric mechanisms â combination of hash functions and keysâ
- Asymmetric mechanisms â the reality (is a bit more complex)â
- Digital Certificate or public key certificateâ
- Summary of encryption mechanismsâ
- SWIFT Personal token and End entity certificatesâ
- SWIFT Secure Signature Key or 3SKeyâ
- Assessment Quizâ
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Module 10 â XCT Payment processing value chain â Order management
- Payment processing value chain (from bankâs perspective)â
- Payment processing value chain â Inside the bankâ
- Payment order management â Introduction and generalityâ
- Payment order management for Cross-border payments
- Single-beneficiary and Multi-beneficiary payment ordersâ
- POM Payment processing stepsâ
- POM functions and servicesâ
- Payment parsing and validationâ
- IBAN/BBAN account validation
- IBAN/BBAN Account verification
- NAR validation and enrichment
- Dates and the related controls
- Dates â Processing time, Calendar and Business days
- Dates â Open Business days
- Duplicate checks
- POM functions and servicesâ
- Processing agreementsâ
- Service Debit/Credit Notificationâ
- Service FX Marginâ
- Service Account substitutionâ
- Service Late modificationâ
- Service Value dateâ
- Service Authorization to debit accountâ
- Service Specific charges Accountâ
- Charge option validation & applicationâ
- Specific country or regional validationsâ
- Settlement path determinationâ
- Pending order managementâ
- FX conversionâ
- Balance checkâ
- Routing and issuingâ
- Assessment Quizâ
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Module 11 â XCT Payment processing value chain â Payment Exchange
- Payment processing value chain (from bankâs perspective)â
- Payment processing value chain â Inside the bankâ
- Payment Exchange Platform (PEP)â
- Payment exchange platform â A focal pointâ
- PEP functions and servicesâ
- Sanctions screeningâ
- PEP and Routing directoriesâ
- XCT Validation, Routing and SSI Directoriesâ
- Participation directories versionsâ
- Payment Exchange Platform â Bulking and Debulking â
- Assessment Quizâ
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Course 6 Secrets for your Cross-Border Payment Projects
In this course, you get all the secrets to quickly understand and successfully deliver your cross-border payment projects.
Module 1 â Correspondent accounts and their reconciliation
- Correspondent banking â unilateral account relationshipâ
- Correspondent banking â bilateral account relationshipâ
- Correspondent banking â Loro accountsâ
- Recap: Shadow and mirror accountsâ
- Illustration with an account relationship between bank and its correspondentâ
- Real and Mirror accounts in end-to-end the processing of cross-border transfersâ
- Why mirror account are neededâ
- Reconciliation of real and mirror accountsâ
- Example of reconciliation with single booking between a bank and its correspondentâ
- Example of reconciliation with batch booking between a bank and its correspondentâ
- Challenge of Nostro account managementâ
- Nostro account management: the solutionsâ
Module 2 â Booking and cross-border payments
- Introduction to Bookingâ
- The double entry bookkeeping principle â
and accounting eventsâ - Examples of accounting events to illustrate the double entry principleâ
- Different types of bank accountsâ
- Customer Credit Transfer â Serial Methodâ
- When a FX conversion is required: an exampleâ
- Rates and accounting events to debit an account in currencyâ
- Debtor bank credit transfer pain.001/MT101 and pacs.008/MT103 booking â Order with one transactionâ
- Debtor bank pacs.004 (normal return) bookingâ
- Correspondent of Debtor bank pacs.008 / MT103Â booking â Order with one transactionâ
- Customer Credit Transfer â Serial Methodâ
- Correspondent of Creditor bank pacs.008 / MT103Â booking â Order with one transactionâ
- Case of an incoming transaction in currencyâ
- Case of an incoming transaction in currencyâ
- Creditor bank pacs.008 / MT103 (credit transfer)Â bookingâ
- Creditor bank pacs.004 / MT103 (Return) bookingâ
- Creditor bank pacs.004 / MT103 Return from a customer accountâ
- Customer Credit Transfer â Cover Methodâ
- Creditor bank pacs.008 / MT103 (announcement)Â bookingâ
- Assessment Quizâ
Module 3 â Customer and Nostro Account Balance Management in cross border payments
- Purposes of Account balance managementâ
- Challenge 1 of account balance managementâ
- Challenge 2 of account balance managementâ
- Customer account balance management : the ideal and the reality for banksâ
- Balance Management System (BMS)â
- Intraday balance and account balanceâ
- Challenge 1 with a BMS systemâ
- Challenge 2 with a BMS systemâ
- Purposes of Nostro account balance management
- âStructures of Nostro accounts
- Challenge of Nostro account managementâ
- Nostro account management: the solutionsâ
- Results of the Proof of Concept for SWIFT gpi Nostro DLTâ
- Assessment Quizâ
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Module 4 â The Payment engines
- Introduction to payment enginesâ
- Payment engines interact with many systems in the bankâ
- Payment engines and Payment Services Hubsâ
- Payment engines and the payment processing value chainâ
- Finding the Payment engines in your projectsâ
- Example 1 of payment engines application architecture â
- Example 2 of payment engines application architectureâ
- Example 3 of payment engines application architecture â
- Example 4 of payment engines application architecture â
- Options for Payment engines Implementationâ
- Main actors of PE implementation projectsâ
- Few payment engines for the processing of Cross-Border Paymentsâ
- Assessment Quizâ
Module 5 â The Payment engines Integration into the Bank IT landscape
- Payment engines interact with many systems in the bankâ
- Interfacesâ
- Interfaces play a crucial role in payment processing â
- Synchronous messaging (or communication)â
- Asynchronous messaging (or communication)â
- 2-way asynchronous communicationâ
- Challenges of asynchronous communicationâ
- Batch Modeâ
- Transactional Modeâ
- Surrounding systems of a payment engine (POM)â
- Authentication & rightsâ
- Channelsâ
- CSM and SWIFT Directoriesâ
- Customer Referentialsâ
- Fraud detectionâ
- Foreign Exchange Systemsâ
- Surrounding systems of a payment engine (POM)â
- Accounting systemsâ
- Audit log or Audit Trailâ
- Pricing & Billingâ
- Archivingâ
- Reportingâ
- Data warehouse & Statisticsâ
- Monitoringâ
- The Schedulerâ
- Investigationsâ
- Surrounding systems of a payment engine (PEP)â
- Screeningâ
- Intrabank and Interbank Networksâ
- Assessment Quizâ
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Module 6 â Payment engines and the Graphical User Interfaces
- Introduction to Graphical User Interfacesâ
- Navigation menu on the left of the pageâ
- Navigation menu on top of the pageâ
- Payment instruments and the GUIâ
- Payment engines GUI â Naming and organizing the menu items â
- Payment capture â Key principlesâ
- Cross-border payments capture â Best practicesâ
- Payment information displayed on the GUIâ
- Examples of pain.001 and pacs.008â
- Original transactions and related transactions (R-transactions)â
- Original transactions and R-transactions on the GUIâ
- Reconciliation of R-transactionsâ
- Linking original and r-transactions on the GUIâ
- The 3270 screensâ
- Assessment Quizâ
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Module 7 â Payment Engines GUI: User rights and actions
- User actions â introductionâ
- User rights, user roles and users â the overviewâ
- User rights and user rolesâ
- Role-Based Access Control (RBAC) and User rolesâ
- Illustration of user role and RBAC on menu itemsâ
- The search and search criteriaâ
- Generic search stepsâ
- Tips and suggestions about search screensâ
- The worklist items (WLI)â
- The worklist items should be pushedâ
- The worklist items (WLI) should be exhaustiveâ
- Prioritization of worklist itemsâ
- Messages on the worklist itemsâ
- Messages on the worklist items â Clarity, training and documentationâ
- Audit log or audit trail â Logging of actionsâ
- Settings and parametersâ
- Assessment Quizâ
Module 8 â State machine diagrams of payment entities
- Introduction to State machine diagramsâ
- Examples of State machine diagramsâ
- The light bulbâ
- The doorâ
- The entities of a payment messageâ
- Process flows of the payment entitiesâ
- Message â State machine diagramâ
- Order â State machine diagramâ
- Transaction â State machine diagramâ
- State diagrams and bookingâ
- Assessment Quizâ
Module 9 â Debit and credit legs payment processing
- Debit and credit legs for credit transfersâ
- The options for transaction validationsâ
- Process/functions and exceptionsâ
- Debit and credit legs for Customer Credit Transfersâ
- Debit leg processing â MX Pain.001/MT101 Customer Credit Transfer Instruction flowâ
- Credit leg processing â MX Pain.001/MT101 Customer Credit Transfer On-Us Transaction flowâ
- Credit leg processing â MX Pain.001/MT101 Customer Credit Transfer Not on-Us Transaction flowâ
- Debit and credit legs for FI to FI credit transfersâ
- Debit leg processing â MX Pacs.008/MT103 FI to FI Credit Transfer Instruction flowâ
- Credit leg processing â MX Pacs.008/MT103 FI to FI Credit Transfer On-Us Transaction flowâ
- Credit leg processing â MX Pacs.008/MT103 FI to FI Credit Transfer Not on-Us Transaction flowâ
- Debit and credit legs for Customer Direct Debitsâ
- Credit leg processing â MX Pain.008/MT104 Customer Credit Transfer Instruction flowâ
- Debit leg processing â MX Pain.008/MT104 Customer Credit Transfer On-Us Transaction flowâ
- Debit leg processing â MX Pain.008/MT104 Customer Credit Transfer Not on-Us Transaction flowâ
- Debit and credit legs for FI to FI Direct debitsâ
- Credit leg processing â MX Pacs.003/MT104 FI to FI Direct Debit Instruction flowâ
- Debit leg processing â MX Pacs.003/MT104 FI to FI Direct Debit On-Us Transaction flowâ
- Debit leg processing â MX Pacs.003/MT104 FI to FI Direct Debit On-Us Not on-Us Transaction flowâ
- Assessment Quizâ
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Module 10 â The scope of your cross-border payment Project
- Understanding what your XCT project is aboutâ
- Cross-border payment messages and your projectâ
- Message categories in cross border paymentsâ
- The main spaces in cross border paymentsâ
- Bank roles in Cross border paymentsâ
- Bank role-based analysis methodâ
- SWIFT MT Messages for Customer transfersâ
- Messages in the customer-to-bank spaceâ
- The Originator bank interbank messagesâ
- The originator bankâs correspondent messagesâ
- The receiving bankâs correspondent messagesâ
- The receiving bank messagesâ
- SWIFT MT Messages for Financial Institution transfersâ
- The ordering institution messagesâ
- SWIFT MX Messages for Customer transfersâ
- SWIFT MX Messages for Financial Institution transfersâ
- Payment processes â few key conceptsâ
- Typical processes in scope of an XCT projectâ
- The processes in your XCT projectâ
- The applications in scope of your projectâ
- The geographical scopeâ
- Internal and external customersâ
- Assessment Quizâ
Module 11 â Information Systems architectures and the different plans
- Why the architectural approachâ
- The challengesâ
- The objectivesâ
- The Architectural approach â What is it?â
- How the architectural plans relate to each otherâ
- The process architectureâ
- The functional architectureâ
- The functional architecture with sub-functional blocksâ
- Functional architecture â a payment exchange platformâ
- The Application architectureâ
- Application architecture â data flowsâ
- Application architecture â Integration toolsâ
- The technical architectureâ
- Technical architecture â Load balancing and high availabilityâ
- Assessment Quizâ
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