Payments Quiz

Payments Quiz

A set of 5 MCQ on Banking and Payments. Find the answer at the end of each question.

1. Which of the below customer can send MT 103 to FI with UETR?
a. Only individual customer can send MT 103 with UETR
b. Only corporate customer can send MT 103 with UETR
c. Only Government customer can send MT 103 with UETR
d. None of the above

Answer: An MT 103 is sent by FI to another FI which carries customer payment information but customer himself can’t initiate an MT 103, therefore it is “d”

2. UETR, “Universal End to end Transaction Reference” can be generated and sent by which of the following
a. GPI Tracker
b. GPI Observer
c. Ordering FI
d. Only Ordering FI who is GPI member

Answer: UETR was introduced as part of GPI initiative by SWIFT for better tracking of cross-border payments. Any ordering institution irrespective of he is a member of GPI or not should generate & send this unique reference, hence it is “c”

3. Which of the follow statement on ERI is “True”?
a. Presence of ERI in MT 103 field 72 makes it Non-STP
b. Presence of ERI in MT 103 field 72 makes payment as high priority
c. Presence of ERI in MT 103 field 72 makes SWIFT FIN to NAK
d. All of the above

Answer: ERI stands for Euro Related Information, when present in MT 103 field 72, it makes the payment non STP as it needs manual verification and action, therefore right option is “a”

4. Who among the following have the status of the GPI payment?
a. GPI Observer
b. GPI Directory
c. GPI Tracker
d. GPI Path Finder

Answer: The status of the GPI payments are maintained at GPI Central Tracker, every FI sends update to Tracker BIC, hence right option is “c”

5. In a SWIFT GPI message under Block header 3, Field 111 contains
a. Tracker BIC
b. Null/001/002
d. GPI Bank ID

Answer: Optional field 111 exists under user header/block 3, which stands for service type identifier. This carries info regarding gCCT/gCOV/gFIT/gSRP in the form of codes (001/002). It is mandatory for GPI member bank when UETR exist, therefore option “b” is right

This Quiz was aimed mainly on GPI, hope you enjoyed and learnt something new today! See you again in next Quiz, till then bye!!

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