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What is ISO 20022 primarily used for?

A) A cryptocurrency standard

B) A global standard for financial messaging

C) A blockchain technology

D) A payment method

ISO 20022 is designed to replace all traditional forms of financial messaging.

True

False

Which of the following is a key feature of ISO 20022?

A) Enhances compatibility between financial institutions across borders

B) Limits data exchange between banks

C) Operates only in decentralized environments

D) None of the above

What type of data does ISO 20022 enable to be exchanged between financial institutions?

A) Unstructured data

B) Highly structured and machine-readable data

C) Video and media files

D) Social media interactions

 ISO 20022 has been adopted by major financial institutions around the world to improve cross-border transactions.

True

False

What is one of the key benefits of ISO 20022?

A) It is unregulated and highly volatile

B) It enhances transparency and data richness in financial transactions

C) It restricts the use of digital payments

D) It is only useful for cryptocurrency exchanges

ISO 20022 is expected to modernize financial messaging systems by replacing which older standard?

A) SWIFT MT

B) X.500

C) HTTP

D) QR Codes

ISO 20022 can only be used by banks.

True

False

Which of the following regions is leading the global adoption of ISO 20022?

A) North America

B) European Union

C) Australia

D) South America

ISO 20022 aims to improve which aspect of financial services?

A) Physical banking processes

B) Cross-border transactions and interoperability

C) Social security payments

D) Stock market trades

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