Payment Systems, Swift Messaging & Iso 20022 –Complete Guide

Learn how payments work end to end, decode MT103/MT202/MT940, resolve failed SWIFT payments, map to ISO 20022 - pacs.008

What you'll learn

Decode and interpret core SWIFT MT messages such as MT103, MT202, MT940 and MT950 with real-world structure and validation examples.

Understand how global payment systems work, including clearing, settlement and the role of correspondent and intermediary banks in SWIFT payments.

Gain hands-on experience mapping SWIFT MT messages to ISO 20022 MX formats like pacs.008, using structured field-by-field comparisons.

Track payment lifecycle events and reconcile transactions using messages like MT910, MT950, camt.053 and camt.054.

Simulate real-world payment investigations, troubleshoot failed transactions and apply practical skills used in QA testing and banking operations.

Requirements

No prior experience with SWIFT or ISO 20022 is required — this course is designed for complete beginners and professionals alike.

A basic understanding of how banks or financial systems work can be helpful, but not mandatory.

Curiosity to learn how global payments actually flow between banks.

No special tools or software needed.

Description

Are you working in banking, fintech, QA testing, or IT, Are you working in banking, payments, fintech, business analysis, QA testing, or IT—and need to understand how SWIFT messages actually work? Or are you preparing for the industry shift to ISO 20022 and want hands-on experience mapping MT to MX messages?This course, Mastering Payments & SWIFT Messaging: From MT to ISO 20022, is designed to help you do exactly that.You'll learn how core SWIFT MT messages like MT103, MT202, and MT910 are structured, used, and validated in real-world payment systems. You'll walk through complete message flows, including how payments move through correspondent banks, how intermediary delays happen, and how to trace and resolve failed transactions using messages like MT199, MT195, and MT910.But this course also prepares you for the future—ISO 20022. You'll get a side-by-side comparison of MT vs MX messages, learn to map MT103 to pacs.008, and understand the structure of new ISO messages like pacs.009, camt.053, and camt.054.Through real-world case studies, quizzes, and hands-on exercises, you'll simulate end-to-end payment scenarios, investigate issues, and reconcile transactions just like professionals do in payment operations teams.Whether you’re a payment operations analyst, business analyst, QA/tester, or an IT professional working on payment integrations or a learner looking to break into the field—this course will give you the confidence to navigate real-world payment flows, support ISO 20022 transformation projects, and speak the language of global payments.

Overview

Section 1: Introduction

Lecture 1 Course Introduction

Section 2: Introduction to Payment Systems, SWIFT Messaging & Financial Networks

Lecture 2 How Money Moves Between Banks – The Basics

Lecture 3 What is a Correspondent Bank?

Lecture 4 What is an Intermediary Bank?

Lecture 5 Nostro, Vostro & Loro Accounts – Holding Foreign Balances

Lecture 6 Clearing vs. Settlement – What Happens Between Sending & Receiving?

Lecture 7 Retail vs. Wholesale Payments – How They Differ

Lecture 8 Domestic vs. Cross-Border Payments – Settlement Complexities

Lecture 9 Gross Settlement – How High-Value Payments Are Processed

Lecture 10 Net Settlement – How Bulk Payments Are Processed Efficiently

Lecture 11 FX Settlement Risk (Herstatt Risk) – How Currency Transactions Can Fail

Lecture 12 SWIFT – The Global Messaging Network

Section 3: Understanding SWIFT MT Messages

Lecture 13 Introduction to SWIFT MT Messages & Their Structure

Lecture 14 Key MT Message Types Explained (MT103, MT202, MT940, MT950)

Lecture 15 Breakdown of an MT103 Message – Field-by-Field Explanation

Lecture 16 Breakdown of an MT202 Message – Field-by-Field Explanation

Lecture 17 SWIFT Message Validation – How Banks Check Errors

Lecture 18 Hands-on Exercise 1: Identify & Fix Errors in an MT103 Message

Section 4: Transitioning to ISO 20022 (MX Messages & Migration)

Lecture 19 What is ISO 20022 & Why is SWIFT Migrating to It?

Lecture 20 Key ISO 20022 Messages (pacs.008, pacs.009, camt.053, camt.054)

Lecture 21 Comparing MT103 vs. ISO 20022 pacs.008 – Side-by-Side Field Mapping

Lecture 22 ISO 20022 Migration Challenges & Best Practices for Banks

Lecture 23 Hands-on Exercise 2: Convert an MT103 Message into a pacs.008 Message

Section 5: Real-World Payment Flows & SWIFT GPI

Lecture 24 How Cross-Border Payments Work – SWIFT & Correspondent Banking

Lecture 25 SWIFT GPI – What It Is & How It Improves Payment Tracking

Lecture 26 SWIFT Payment Lifecycle – From Initiation to Settlement

Lecture 27 Intermediary Banks & Nostro/Vostro Accounts in Payment Flows

Lecture 28 Case Study 1: Investigating a Delayed SWIFT GPI Payment

Section 6: Payment Reconciliation & Liquidity Management

Lecture 29 How Banks Reconcile Payments & Match Transactions

Lecture 30 Common Reasons for Payment Failures & Rejections

Lecture 31 Intraday Liquidity Management in Payments (RTGS, Settlement Systems)

Lecture 32 SWIFT Messages for Reconciliation (MT940, MT950, camt.053, camt.054)

Lecture 33 Hands-on Exercise 3: Match Payments to Their Lifecycle Stage

Section 7: Case Studies & Troubleshooting Exercises

Lecture 34 Case Study – A Bank Processing an MT103 (End-to-End Process)

Lecture 35 Troubleshooting Common SWIFT Payment Issues & Error Codes

Lecture 36 Practical Exercise – Investigating a Failed SWIFT Payment

Lecture 37 Final Hands-on Exercise: Full Payment Processing Simulation

Banking professionals who want to understand how global payment systems and SWIFT messaging actually work.,QA Testers and IT professionals working on payment gateways, transaction testing or ISO 20022 implementations.,Business analysts, consultants and product owners in fintech and ERP projects dealing with cross-border payments.,Beginners and career switchers looking to build foundational knowledge of SWIFT MT messages, ISO 20022, and payment flows.,Anyone preparing for roles in payment operations, compliance or financial system integration.