SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Resolve rejected foreign exchange items and SWIFT (Society for World-wide Inter-institution Financial Telecommunication) messages 
SAQA US ID UNIT STANDARD TITLE
117829  Resolve rejected foreign exchange items and SWIFT (Society for World-wide Inter-institution Financial Telecommunication) messages 
ORIGINATOR
SGB Banking and Micro Finance 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
BANKSETA - Banking Sector Education and Training Authority 
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 4  NQF Level 04 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard replaces: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
7187  Resolve rejected foreign exchange items and SWIFT (Society for World-wide Inter-bank Financial Telecommunication) messages  Level 4  NQF Level 04  15  Complete 

PURPOSE OF THE UNIT STANDARD 
Persons credited with this Unit Standard will be able to identify and resolve rejected foreign exchange items and attend to queries.

Successful learners will be able to:
  • Identify and resolve rejected items or SWIFT messages
  • Attend to queries 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners are competent in Communication at NQF Level 3. 

    UNIT STANDARD RANGE 
    Items rejected because of insufficient funds, items rejected because of unidentified accounts or lack of details, and items rejected because of invalid message types, NAK-ED, Nostro and Vostro items. 

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Identify and resolve rejected items or SWIF messages. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The relevant daily report is scrutinised according to the bank's procedures to establish the occurrence of any rejected items or messages. 

    ASSESSMENT CRITERION 2 
    The nature of the rejected item or message is identified according to the bank's guidelines. 

    ASSESSMENT CRITERION 3 
    The rejected item or message is resolved according to the nature of the item and the bank's procedures. 

    ASSESSMENT CRITERION 4 
    The necessary documentation is completed as required by the bank. 

    ASSESSMENT CRITERION 5 
    Any unresolved items are escalated to the appropriate authority in line with the bank's procedures 

    SPECIFIC OUTCOME 2 
    Attend to queries. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The nature of the query received is identified as required by the bank. 

    ASSESSMENT CRITERION 2 
    The query is attended to as required by the nature of the query and the bank's procedures. 

    ASSESSMENT CRITERION 3 
    All queries are handled in a manner that promotes customer service as per bank's requirements. 

    ASSESSMENT CRITERION 4 
    Administrative tasks relating to the query are completed according to the bank's procedures as per bank's requirements. 
    ASSESSMENT CRITERION RANGE 
    Including but not limited to report, notify, record details of query, prepare SWIFT messages.
     


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • An individual wishing to be assessed (including through RPL) against this Unit Standard may apply to an assessment agency, assessor or provider institution accredited by the relevant ETQA,or an ETQA that has a Memorandum of Understanding with the relevant ETQA.
  • Anyone assessing a learner against this Unit Standard must be registered as an assessor with the relevant ETQA or with an ETQA that has a Memorandum of Understanding with the relevant ETQA
  • Any institution offering learning that will enable achievement of this Unit Standard or assessing this Unit Standard must be accredited as a provider with the relevant ETQA or with an ETQA that has a Memorandum of Understanding with the relevant ETQA
  • Moderation of assessment will be conducted by the relevant ETQA at its discretion. 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
  • Relevant banking policies and procedures.
  • Workflow.
  • Operating and computer systems knowledge to locate the necessary information and complete the task.
  • Operational risk.
  • Relevant security precautions.
  • The SWIFT system
  • Nostro and Vostro operations
  • Relevant product knowledge
  • Internal and foreign bank accounting procedures and practices
  • Working contracts with foreign banks 

  • UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    To identify and solve problems in which responses display that responsible decisions using critical and creative thinking have been made when the rejected item or message is identified according to the bank's guidelines. 

    UNIT STANDARD CCFO WORKING 
    To work effectively with others as a member of a team, group, organisation and community when all queries are handled timeously and in a manner that promotes customer service. 

    UNIT STANDARD CCFO COLLECTING 
    To collect, organise and critically evaluate information when the relevant daily report is scrutinised according to the banks procedures to establish the occurrence of any rejected items or messages 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    This unit standard replaces unit standard 7187, "Resolve rejected foreign exchange items and SWIFT (Society for World-wide Inter-bank Financial Telecommunication) messages", Level 4, 15 credits.

    Legal:
    All procedures must meet recognised codes of practice as well as obligations required under current legislation within South Africa and within the normal parameters of the defined job/task.

    Terminology:
  • Nostro-South African banks' accounts in foreign banks books
  • Vostro-Foreign banks' accounts in South African banks' books
  • SWIFT- Society for World-wide Inter-bank Financial Telecommunication 

  • QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  20185   Further Education and Training Certificate: Banking  Level 4  NQF Level 04  Reregistered  2023-06-30  BANKSETA 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. Absa Learning & Development 
    2. Bidvest Bank 
    3. Chartall Business College 
    4. Cornerstone Performance Solutions (Pty) Ltd 
    5. Felix Risk Training Consultants 
    6. Firstrand Bank - Benmore 
    7. Nedbank Ltd 
    8. The Facilitation Workshop 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.