Payments Quiz – Basics 2

Payments Quiz – Basic 2

Here is a short quiz to test your payments knowledge.

There are a total of 15 questions and you have 15 mins to answer the same. Please share the result on LinkedIn and encourage others to take the quiz.

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Payments Basics 2

Test your knowledge on the basics of payment

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1)

Billy, a resident of Italy, wants to pay the equivalent of EUR 100,00 in GBP to Cherry in the United Kingdom. Please refer to the following details.

  • The exchange rate is 1 EUR for 0,6 GBP
  • Transaction charges on the Sender's side are EUR 5,00 (=GBP 3,00)
  • Transaction charges on the Receiver's side are GBP 6,00 (=EUR 10,00)
  • Field 71A is OUR
  • Field 71G is GBP6

What is the value of F32A for the aforementioned transaction?

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2)

Billy, a resident of Italy, wants to pay the equivalent of EUR 100,00 in GBP to Cherry in the United Kingdom. Please refer the following details.

  • The exchange rate is 1 EUR for 0,6 GBP
  • Transaction charges on the Sender's side are EUR 5,00 (=GBP 3,00)
  • Transaction charges on the Receiver's side are GBP 6,00 (=EUR 10,00)
  • Field 71A is OUR.                                                                              

Question: What is the value of F33B for the aforementioned transaction?

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3) Which among the following is an instant low-value payment system?

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4) Which of the following payment schemes IS/ARE Gross Settlement System(s)?

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5) Which of the following statements IS/ARE TRUE?

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6) Map the following use cases with the most appropriate Domestic payment scheme in the UK.

A: Time-critical irrevocable high value payments            1. BACS

B: Payrolls, Pensions and Benefits                                       2. FPS

C: Bill payments & Standing orders (Recurring)               3. CHAPS

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7) In MX messages Bank will be referred as –

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8) What is the amount of the transfer?

 

{1:F01CITIUS33AXXX0070970817} {2:O1031036160721BARCGB22BXXX00739698421607211136N}

{3:{113:URGT}{108:INTLPMTS}{121:5798a701-effe-43e5-8d14-eec27ea3d8ec}}

{4:

:20:SN12345678901234

:23B:CRED

:32A:160721USD250,00

:50K:/123456789

SUMIT DESAI

:52A:BARCGB22XXX

:57A:CITIUS33XXX

:59:/987654321

RENU PRAKASH

7TH AVENUE

NEW YORK CITY

NY USA

:71A:OUR

-}

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9) What is the value date of this transfer message?

 

{1:F01CITIUS33AXXX0070970817} {2:O1031036160721BARCGB22BXXX00739698421607211136N}

{3:{113:URGT}{108:INTLPMTS}{121:5798a701-effe-43e5-8d14-eec27ea3d8ec}}

{4:

:20:SN12345678901234

:23B:CRED

:32A:160721USD250,00

:50K:/123456789

SUMIT DESAI

:52A:BARCGB22XXX

:57A:CITIUS33XXX

:59:/987654321

RENU PRAKASH

7TH AVENUE

NEW YORK CITY

NY USA

:71A:OUR

-}

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10) Who is the Sender of the following SWIFT message?

 

{1:F01CITIUS33AXXX0070970817} {2:O1031036160721BARCGB22BXXX00739698421607211136N}

{3:{113:URGT}{108:INTLPMTS}{121:5798a701-effe-43e5-8d14-eec27ea3d8ec}}

{4:

:20:SN12345678901234

:23B:CRED

:32A:160721USD250,00

:50K:/123456789

SUMIT DESAI

:52A:BARCGB22XXX

:57A:CITIUS33XXX

:59:/987654321

RENU PRAKASH

7TH AVENUE

NEW YORK CITY

NY USA

:71A:OUR

-}

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11) Camt.054 is equivalent to

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12) The co-existence of MT and MX messages (CBPR+), as decided as of September 2021, will be till-

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13) You work in the payments department of Bank A, India. Your bank provides payment management service to Reliance Industries Ltd. (RIL). You receive an email from RIL to send $10,000 from its account held at Bank B, USA to a beneficiary in USA who has his account with Bank C, USA.

Question: What type of SWIFT MT message should you (Bank A) send to Bank B?

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14) You work in the payments department of Bank A, India. Your bank provides payment management service to Reliance Industries Ltd. (RIL). You receive an email from RIL to send $10,000 from its account held at Bank B, USA to a beneficiary in USA who has his account with Bank C, USA.

Question: What type of SWIFT MT message can Bank B send to Bank C?

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15) You work in the payments department of Bank A, India. Your bank provides payment management service to Reliance Industries Ltd. (RIL). On a particular day, there have been a lot of transactions in RIL’s account held at Bank B. Bank A requests a consolidated statement of all those transactions. Bank B furnishes all the transaction details of RIL to Bank A by sending a message of which type?

 

Your score is

The average score is 42%

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Blog Comments

Nice Quiz Santosh. I read your blogs regularly, keep up the good work you are doing.

scored 53%

Nice question set.

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