An Elephant in Room - ISO 20022 Payment & Reporting

ISO20022 is big in nature, We slice it in blocks to make it small consumable.

Key Highlights

15 detailed Lessons. Each Lesson comes with set of question to validate your understanding
More than 175 questions which are unique and push you to understood this topic well
At the end, we conclude and provide Exam as quick validation and recap

Lessons Include

Lesson 1 : Why ISO20022
01 : Why
02 : How it is organised ?
03 : Corresponding MT ?
Lesson 2 : MT-MX Basics
01 : MT-MX Basic Difference
02 : MT Terminology Mapping
03 : MX Terminology Mapping
04 : Standardisation of Keywords

Lesson 3 : Adoption Areas and Reference Ids
01 : 001)
01 : From Debtor bank view (pacs.008) - first bank
02 : From Correspondent view (pacs.008) - next bank
03 : From Intermediary view (pacs.008) - second last bank
Lesson 5 : Fund Transfer Methods
01 : Transfer Methods
02 & 03 : Customer Transfers
04 & 05 : Bank to Bank Transfers
06 : Want to hear from you

Lesson 6 : Returns
01 : Understand MT Returns
02 :
02 : MT world claim flow
03 : MX world claim flow
04 : Challenges and Solutions

(NEW) Lesson 15 : Hybrid Address
01 : What, Why and When of Hybrid Address.
02 : Timeline of various Address Format.
03 : Hybrid Address Adoption.

Message Deep Dive

Deep Dive on pacs.008 and MT103

This course is created for all who wish to learn

What's inside

Syllabus

Introduction

New Lesson Announcement :

Two new Lesson (12) on Compliance validation in ISO 20022 & Lesson(13) on MX vs ISO 20022 has been added

To Better understand this course on ISO 20022 :

As this course is created to let you learn ISO 20022, it requires basic know how on Payment Fundaments.

We suggest to have basic knowledge on following MT messages : MT101, MT103, MT202, MT202COV, MT210, MT940, MT950, MT900, MT910, MTn92, MTn96, MTn99

Rest all leave to us, we will tried our best to teach you everything in the course on ISO 20022.

Also updates are done to enhance the course on frequent basis

This quiz will give you hint on what all you are going to learn in this course.

Quiz score is indication of your current knowledge on ISO20022.

Do not worry on score, you will learn all of them in subsequent sections.

Note:- Dates for Go live for various clearing system is keep on changing. For latest date refer Lecture 13 table always. As of now , for CBPR+ and Target2 current start date is Mar 2023.

Purpose of Quiz : Revision your understanding

Claim Management

In this lecture, we talk on Hybrid Address, It is suggested to have a look on Structured and Unstructured address before starting this lecture.

You can have information on existing structure and Unstructured in Compliance Validation lecture.

Note :- As we are adding new Lecture, few new questions has been added.

So, number of question has increased over time. Normally we take 2-4 question on each lecture.

We are wrapping up this course with set of Exam questions

Here you can evaluate yourself. Best wishes from me :)

Once you have completed the course, share your feedback, rating and love.

You words will inspire me to make this course better with each review.

Thanks !!!

Traffic lights

Read about what's good

what should give you pause

and possible dealbreakers

Explores ISO 20022, which is increasingly becoming the standard for financial messaging and data exchange worldwide, making it highly relevant for industry professionals

Covers MT-MX message formats, which are essential for understanding the transition and coexistence of legacy and modern payment systems, providing practical knowledge for those in the field

Examines fund transfer methods, returns, and cancellation requests within the ISO 20022 framework, which are critical components of payment processing and risk management

Requires basic knowledge of MT messages (MT101, MT103, MT202, etc.), suggesting that learners without this background may need to acquire it separately, which may pose a hurdle

Includes quizzes and an exam to validate understanding, which can help learners gauge their progress and reinforce their knowledge of ISO 20022 concepts and applications

Features a deep dive on pacs.008 and MT103 messages, which are fundamental for understanding payment processing and reconciliation in both ISO 20022 and legacy systems

Reviews summary

Iso 20022 payments and reporting overview

According to learners, this course provides a detailed overview of ISO 20022, focusing on payment and reporting messages. It offers a strong comparison to the older MT format, which many professionals find highly relevant. The course structure aims to slice the large topic into consumable blocks, potentially making complex concepts more manageable. Students appreciate the inclusion of quizzes and an exam to test understanding. However, note that having basic knowledge of payment fundamentals and specific MT messages is suggested, which might be a warning for complete beginners. Updates, including new lessons, indicate ongoing course improvement.

Assumes basic knowledge of payment fundamentals and MT messages.

"As stated, having basic payment know-how is really necessary to keep up."

"If you aren't familiar with common MT messages, you might need to brush up first."

"This course is definitely better suited if you have some prior background in payments."

Content is updated with new lessons and information.

"It's good to see that new lessons are being added to cover more topics."

"I appreciate that the instructor keeps the content updated, like the dates for go-live."

"The course description mentioned updates, and it seems new material has indeed been added."

Uses quizzes and an exam to reinforce learning.

"The questions at the end of each lesson were great for validating my understanding."

"The exam provided a good recap and way to test myself at the end of the course."

"I liked that there were ample questions throughout to check my knowledge acquisition."

Breaks down the complex topic into manageable parts.

"The course is structured well, slicing the big topic into smaller, digestible lessons."

"I appreciated how the content was organized, building from basics to more complex areas."

"The flow of lessons made it easier to follow along despite the complexity of the subject matter."

Excellent comparison between MT and MX/ISO 20022 formats.

"Comparing the MT terminology mapping to MX was incredibly helpful for bridging my existing knowledge."

"The lessons highlighting the key differences and mapping between MT and MX standards were invaluable."

"Understanding the nuances between the legacy MT messages and the new ISO 20022 messages was a key takeaway for me."

Offers in-depth coverage of ISO 20022 messages.

"I found the deep dive into specific messages like pacs.008 and its comparison to MT103 very useful for my work."

"The coverage of topics like return management and compliance validation was quite thorough."

"This course really helped clarify the technical details of the ISO 20022 standard."

"I gained a better understanding of adoption areas and reference IDs."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in An Elephant in Room - ISO 20022 Payment & Reporting - MT MX with these activities:

Review MT Message Fundamentals

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Solidify your understanding of MT message types and their functions to better grasp the transition to ISO 20022.

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Identify the purpose of each MT message type.
Review the structure of key MT messages.
Compare MT messages with their MX equivalents.

Read 'ISO 20022 for Dummies'

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Gain a high-level understanding of ISO 20022 concepts and benefits.

View Putting Knowledge to Work on Amazon

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Read the book cover to cover.
Take notes on key concepts and terminology.
Relate the book's content to the course lessons.

Compile a Glossary of ISO 20022 Terms

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Reinforce your understanding of ISO 20022 terminology by creating a comprehensive glossary.

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Identify key terms from course materials.
Define each term in your own words.
Provide examples of how each term is used.
Organize the glossary alphabetically.

Four other activities

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Map MT to MX Messages

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Practice mapping MT messages to their corresponding MX equivalents to solidify your understanding of the conversion process.

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Select a set of MT messages.
Identify the corresponding MX messages.
Document the mapping between fields.
Verify your mappings against reference materials.

Create a Presentation on ISO 20022 Benefits

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Solidify your understanding of the advantages of ISO 20022 by creating a presentation.

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Research the benefits of ISO 20022.
Organize the benefits into key themes.
Create visually appealing slides.
Practice your presentation delivery.

Design an ISO 20022 Implementation Plan

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Apply your knowledge by creating a plan for implementing ISO 20022 in a hypothetical organization.

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Define the scope of the implementation.
Identify key stakeholders and their roles.
Outline the steps required for implementation.
Estimate the resources needed.
Develop a timeline for the project.

Read 'ISO 20022: Principles and Implementation'

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Deepen your understanding of ISO 20022 principles and implementation strategies.

View Putting Knowledge to Work on Amazon

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Read the book chapter by chapter.
Take detailed notes on key concepts.
Relate the book's content to real-world scenarios.

Career center

Learners who complete An Elephant in Room - ISO 20022 Payment & Reporting - MT MX will develop knowledge and skills that may be useful to these careers:

SWIFT Specialist

A SWIFT specialist works with the SWIFT network for secure financial messaging. This course, which covers ISO 20022 and its relationship to MT/MX messaging, may be useful for a SWIFT specialist, especially for those interested in how these messages are used for payments and reporting. The lessons that cover MT and MX address formats are particularly helpful. A SWIFT specialist may like that, with this course, they can learn more about the latest updates and developments in financial messaging standard.

See salaries and explore the career path for SWIFT Specialist

Payment System Analyst

A payment system analyst focuses on the efficiency, security, and compliance of payment systems. This course on ISO 20022 payment and reporting helps build a strong understanding of modern payment messaging standards. The lessons on MT-MX basics, adoption areas, and reference identifications are especially useful for a payment system analyst who wants to stay at the cutting edge. A professional working as a payment system analyst may find the message deep dives particularly relevant. They may also find lessons on return revamp to be particularly important. This course on ISO 20022 equips one with the knowledge to analyze and improve payment system operations.

See salaries and explore the career path for Payment System Analyst

Payments Product Manager

As a payments product manager, you would be responsible for the strategy, roadmap, and execution of payment products. Given the shift towards ISO 20022, this course helps the payments product manager stay up-to-date with industry standards. The lessons on adoption areas, fund transfer methods, and reporting scenarios are especially useful. A payments product manager may like the course's coverage of MT-MX basics. A payments product manager may find that the course's content may help in making informed decisions about payment product development.

See salaries and explore the career path for Payments Product Manager

Financial Messaging Specialist

A financial messaging specialist is responsible for designing, implementing, and maintaining financial messaging systems. Given that this course focuses on ISO 20022 payment and reporting in the context of MT and MX messaging, it may be particularly helpful to someone in this role. This course helps those who wish to become a financial messaging specialist by looking at the fundamentals of the language ISO 20022. Also, the course looks at the deep dive on pacs.008 and MT103. A financial messaging specialist will find the exploration of message formats and standards essential.

See salaries and explore the career path for Financial Messaging Specialist

Payment Operations Manager

The payment operations manager is in charge of overseeing the smooth and compliant execution of payment transactions. With its focus on ISO 20022, this course helps provide a solid base for a payment operations manager. The review of fund transfer methods, return processes, and reporting scenarios provide insight into operational workflows. A payment operations manager may find this understanding of ISO 20022 helpful in improving efficiency and reducing errors. A payment operations manager will find the lessons on compliance and address format helpful.

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Compliance Officer

A compliance officer ensures that a financial institution adheres to regulatory requirements. This course on ISO 20022 helps one stay informed about the latest standards in payment messaging. Compliance officers may find the lessons on compliance validation in ISO 20022 and hybrid address formats helpful in maintaining regulatory compliance. The course's coverage of various charge options and reporting messages are useful for monitoring payment activities. A compliance officer may find the understanding of ISO 20022 helpful to ensure adherence to industry standards.

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Financial Data Analyst

A financial data analyst examines financial data to identify trends, risks, and opportunities. Given the importance of data standardization in ISO 20022, this course helps a financial data analyst in payment processing. The lessons on MT-MX basics, adoption areas, and reference identifications provide context for interpreting payment data. A financial data analyst may find the message deep dives particularly relevant. By understanding ISO 20022, a financial data analyst may be able to improve the accuracy and efficiency of financial reporting.

See salaries and explore the career path for Financial Data Analyst

Regulatory Reporting Analyst

A regulatory reporting analyst is responsible for preparing and submitting reports to regulatory agencies. This course helps build a good grasp of reporting messages and scenarios under ISO 20022. A regulatory reporting analyst may find the lessons that cover compliance validation and address formats especially applicable to regulatory requirements. The course's detailed exploration of various charge options helps in ensuring accurate reporting. A regulatory reporting analyst may find the course helpful in staying up-to-date with evolving regulatory expectations.

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Banking Technology Consultant

A banking technology consultant advises banks on technology solutions, including payment systems. This course helps one become a banking technology consultant by providing an understanding of ISO 20022. By reviewing the MT-MX basics, fund transfer methods, and message formats, the consultant gains insight to guide banks through technological transitions. A banking technology consultant may find the lessons on compliance and address formats useful for ensuring regulatory compliance. A banking technology consultant with knowledge of ISO 20022 may find this useful to make informed recommendations.

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Financial Risk Analyst

A financial risk analyst assesses and mitigates financial risks for organizations. This course helps those who wish to become a financial risk analyst by looking at the evolution of payment messaging. A financial risk analyst may find the lessons on return revamp, request for cancellation, and claim management helpful to understand potential risks. The course's coverage of compliance and address formats is valuable for ensuring regulatory compliance. A financial risk analyst may find the ISO 20022 content helpful to identify and manage risks in payment processing.

See salaries and explore the career path for Financial Risk Analyst

Treasury Management Analyst

A treasury management analyst manages an organization's cash flow and financial transactions. Given the focus on payment and reporting under ISO 20022, this course may be helpful for a treasury management analyst. By exploring fund transfer methods, return processes, and reporting scenarios, the analyst gains insight into cash flow management. A treasury management analyst may find the emphasis on message formats useful for efficient payment processing. This course may provide a good foundation for understanding modern payment standards.

See salaries and explore the career path for Treasury Management Analyst

Blockchain Payment Specialist

A blockchain payment specialist focuses on integrating blockchain technology into payment systems. As traditional payment systems evolve with standards like ISO 20022, understanding the established norms is crucial. This course may be useful for understanding how blockchain payments can interact with conventional financial messaging through insights into MT and MX messaging. A blockchain payment specialist may find the exploration of different message types helpful to facilitate interoperability between systems. The lessons on compliance and address formats contribute to secure and compliant blockchain payment solutions.

See salaries and explore the career path for Blockchain Payment Specialist

Financial Systems Architect

Financial systems architects design and oversee the implementation of financial technology infrastructure. This course helps financial systems architects familiarize themselves with ISO 20022 standards. A financial systems architect may find that the lessons on MT versus MX and message formats have direct applications for system design. They may also find that the lessons on compliance and address formats allow for compliant data processing. This may broaden a financial systems architect's skillset with contemporary financial messaging protocols.

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Fraud Analyst

A fraud analyst is in charge of monitoring transactions, uncovering fraudulent transactions, and preventing future fraud. This course may be helpful to a fraud analyst who wishes to better understand the methods by which payments work at a base level. Specifically, a fraud analyst may find the deep dive on payment messages useful to understand what constitutes a normal or abnormal transaction. They may also find that the lessons on compliance are useful in that they provide a legal and regulatory framework to understand violations of the law.

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Cybersecurity Analyst

A cybersecurity analyst protects computer networks and systems from cyber threats. They plan and carry out security measures to monitor and protect sensitive data and systems from infiltration and cyber attacks. Although this course is not directly related to cybersecurity, learning about the ISO 20022 standards governing financial messaging may help a cybersecurity analyst who works in the financial industry better understand how transactions are structured and secured. This course may provide a useful background for financial cybersecurity analysts.

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An Elephant in Room - ISO 20022 Payment & Reporting - MT MX

What's inside

Syllabus

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Reviews summary

Iso 20022 payments and reporting overview

Activities

Career center

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