Workers’ remittances — using ISO 20022 messages

Updated 15 June 2009
Learning channels: Classroom course On-site training  

Workers’ remittances are generally defined as 'cross-border, person-to-person payments of relatively low value.' In total, over 200 million migrants initiate 1 to 1.5 billion cross-border payments per year. Industry revenue exceeds USD 15 billion per year. To support banks active in the market, SWIFT created a solution based on ISO 20022 standards. This solution will replace the proprietary or bilateral services to achieve STP that is needed to gain success in this market.

Audience

This course is designed for business analysts and developers who are part of the workers’ remittances project team of your financial institution, software vendors and implementers integrating ISO 20022 payment messages and anyone who requires detailed message standard-oriented knowledge on the specific ISO 20022 messages being used within the solution.

Prior knowledge

To benefit from this course, a general understanding of SWIFT's products and services is expected. If you are new to SWIFT, we recommend you to first follow the classroom course or eTraining package Basics - your passport to SWIFT. For a deeper understanding of the underlying MX standards, we recommend you to attend the classroom course ISO 20022 and MX messages - overview.

Duration

The course duration depends on the learning channel you choose:
  • Classroom course: 1 day
  • On-site training: as per your requirements


You will learn how to:

  • Leverage your existing SWIFT infrastructure to benefit from a standardised approach for workers’ remittances products
  • Navigate through the user handbook for the appointed ISO 20022 messages
  • Analyse the structure of the reference data file
  • Understand the message flows of payment instructions and related messages within the solution
  • Create ISO 20022 messages fitting your person-to-person payment offering
  

Course content

This course covers the following topics:

  • Introduction to workers’ remittances
    • What are workers’ remittances payments?
    • The market practice rulebook
    • FileAct Store & Forward and File headers services for the solution
    • Reference data directory services
  • XML in a nutshell
  • Clearing & settlement messages and topologies: options and mandates
    • FItoFICustomerCreditTransfer (pacs.008.001.01)
    • PaymentReturn (pacs.004.001.01)
    • PaymentStatusReport (pacs.002.001.02)

The course material is brought to life with several exercises, based on realistic business scenarios.