It's basically the same. You take two (previously three) exams, scored out of 800.

Anything below 700-ish should provoke an automatic retest if you're serious about attending a private University. I had a 2200 (730/730/740) when I applied to Ivy League schools (Harvard, Duke, Princeton, Yale, Dartmouth), and got only a single interview (Dartmouth), no acceptances. I had the other stuff, GPA, extracurriculars, AP course and exams, letters of recommendation, essays, etc., but it wasn't enough. Scored a 35 on the ACT, too, though I think that's even less important. I had one of the highest scores in my graduating class, and exactly one of us was accepted to an Ivy League school. She had about a 2150, and was accepted to Barnard (Columbia), but her extracurriculars were miles better than mine. She was there on a partial sports scholarship, in addition to having great academics. That girl was brilliant, driven, and talented. She earned that spot. Worked way harder than I did, that's for damned certain. I was reading novels (and later Reddit) in class while she took notes. I played video games and building robots while she studied and did ballet. There's no animosity or envy, there. I was genuinely happy for her, and I imagine she's doing great things with her life.

Anecdote aside, I guess "passing" depends on your goals and it should be noted they're not the only important metric. I don't think they're even the most important.