Practice English vocabulary for financial messaging: SWIFT MT103, ISO 20022, ACK/NAK, MQ delivery, and financial message queues.
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What is a 'SWIFT MT103 customer credit transfer'?
The SWIFT MT103 is the most widely used message type in the SWIFT network for cross-border customer payments. It carries the payment details (amount, currency, sender, receiver, reference) between correspondent banks.
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What is the 'ISO 20022 pain.001' message?
pain.001 (Payment Initiation) is the ISO 20022 XML message a corporate sends to its bank to initiate one or more credit transfers. ISO 20022 is replacing older SWIFT MT formats with richer, structured data.
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What does 'ACK/NAK confirms receipt of the message' mean in financial messaging?
In financial messaging, ACK/NAK are transport-level confirmations. An ACK means the receiving system accepted the message for processing. A NAK means it was rejected (e.g., malformed). Neither implies the underlying payment was successful.
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What does 'the message is MQ-delivered to the payment processor' mean?
Financial systems use message queuing middleware (IBM MQ is dominant in banking) for reliable point-to-point delivery. Messages are persisted in the queue and delivered exactly once, even if the receiver is temporarily unavailable.
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What is a 'financial message queue' and why is it used?
Financial message queues decouple payment senders from processors, handle backpressure during peak volumes, and ensure no messages are lost. The durable, persistent nature of MQ is critical for financial transactions where losing a payment is unacceptable.