ACI-Operations Certificate Set 3

1.

A message received and accepted by SWIFT will be acknowledged with:

NAK ACK PAC BAC

2.

A message received but not accepted by SWIFT will be acknowledged with:

BAK ACK PAC NAK

3.

What are the principal functionalities of interbank funds transfer systems?

the matching of confirmations the dealing and archiving of payment orders reconciliation and correspondent banking the transfer of information and settlement

4.

Which of the following is a US payment system?

CHAPS CHIPS BOJ CLS

5.

With respect to financial payments, what does "bridge" mean?

it refers to an electronic settlement between Euroclear and Clearstream it is an electronic settlement between US Clear and Clearcom it refers to the relationship between two nostro account institutions it designates the exchange of payment orders between a nostro and a vostro account

6.

What is the standard for settlement of cross-border DVP systems?

T+3, meaning that settlement is due three days after the deal date T+4, meaning that settlement is due four days after the deal date T+1, meaning that settlement is due one day after the deal date T+2, meaning that settlement is due two days after the deal date

7.

Which of the following best describes TARGET?

the inter-linking mechanism that connects national RTGS payments systems in EU member states the system used in Germany for settling high value domestic securities transactions the pan-Europe netting system used for reducing credit risk for derivative transactions the system to be used by the Euro Bankers Association to clear cross border Euro payments

8.

The use of a bilateral netting scheme for FX settlements results in:

one net settlement per currency, per counterparty, per day one net settlement per currency, per day one net settlement per day multiple settlements per currency, per counterparty, per day for those netted settlements

9.

What is the inter-linking mechanism that connects the domestic real-time gross settlement (RTGS) payments systems in EU member states?

CHAPS TARGET EAF FX-NET

10.

Which of the following best describes the main benefit of the RTGS payment system?

final settlement of interbank funds transfers on a continuous, trade by trade basis throughout the day lower costs through fewer payments passing through nostro accounts lower costs through less labour intensive methods reduced market risk due to smaller values of open positions

ACI-Operations Certificate Set 3

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ACI-Operations Certificate Set 3

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