Banking · Financial Technology and Payments
The global banking industry is transitioning from the traditional SWIFT MT standard to ISO 20022 for cross-border payments. What is the primary advantage of ISO 20022 over MT regarding compliance and automation?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1It reduces message size using fixed-length legacy strings, saving data transmission bandwidth costs.
- 2It introduces rich, structured XML data fields, enabling greater Straight Through Processing (STP) and detailed screening for Anti-Money Laundering (AML).✓
- 3It restricts payment routing to proprietary network channels, guaranteeing offline security.
- 4It mandates the absolute integration of decentralized ledger networks, removing correspondent banks.
Correct answer
It introduces rich, structured XML data fields, enabling greater Straight Through Processing (STP) and detailed screening for Anti-Money Laundering (AML).
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Banking?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Financial Technology and Payments MCQs →Want more practice questions on Financial Technology and Payments?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Banking · Financial Technology and Payments