Cross-border Payments and Reporting (CBPR+): Swift ISO 20022 Standards November 2024 - Update
Note: This announcement, originally published on 6 August 2024, and updated on 8 August 2024, 20 August 2024, 25 September 2024 and 10 October 2024 has had the Impact on clients updated to clarify the use of fields.
Following Announcements C22033 and A23075, Clearstream Banking1 informs clients that, effective
18 November 2024
a new set of CBPR+ messages will be adopted.
Details about the new messages are available in the “Messaging Adoption Schedule” attached below.
The messages in scope are as follows:
MX Message | Equivalent MT | Description | Send | Receive |
pacs.009 | MT 200/202 | FI Credit Transfer - core | n/aa | Yes |
pacs.009 ADV | MT 200/202 | FI Credit Transfer — Advice | n/aa | Yes |
pacs.008 | MT 103 | FI to FI Customer Credit Transfer | n/aa | Yes |
pacs.008 STP | MT 103 STP | FI to FI Customer Credit Transfer - STP | n/aa | Yes |
camt.056 | MT 192/292 | FI to FI Payment Cancellation | n/aa | Yes |
camt.057 | MT 210 | Notice to Receive | n/aa | Yes |
camt.058 | MT 292 | Notification to Receive Cancellation Advice | n/aa | Yes |
camt.029 | MT 196/296 | Resolution of Investigation (camt.056 Response) | Yes | Yes |
pacs.002 (RJCT) | MT199/299 (REJT) | Payment Status Information (Reject) | Yes | n/ab |
a: Clearstream Banking does not send these message types to clients.
b: Clearstream Banking does not receive these message types from clients.
Impact on clients
From 18 November 2024, Clearstream Banking will be able to process all message types listed in the above table in native MX format. MT messages will still be supported until the end of the coexistence period, that is, November 2025.
To improve the reconciliation and reporting of cash messages, Clearstream Banking requests that clients include the following two MX fields in the Notice to Receive (camt.057) and all types of Credit Transfers (pacs.008/009) messages to uniquely relate the advice leg with the payment leg:
- End to End Id – To remain same in advice and payment messages
- UETR – To remain same in advice and payment messages
A unique reference must be present in End-to-End Id and/or UETR fields. Missing a unique reference in at least one of those two fields will cause a manual intervention and might result in potential delays.
Statements and Reporting
Clients are requested to update their subscriptions for reports.
However, if a client still has an MT report subscription while sending instructions in MX format to Clearstream Banking, the client will continue to receive reports in MT format. As such, Clearstream Banking will not be responsible for any data loss or truncation that may occur due to larger size of MX data that is mapped to a smaller size MT message.
Swift My Standards
All ISO 20022 publications will be available from the Swift “My Standards” portal where new ISO 20022 MX message format specifications will be available for clients. A PDF download of these specifications will also be available on Clearstream’s website from November 2024. Both the specifications and PDF download will clearly highlight all the key MX fields in the native CBPR+ messages that are accepted by Clearstream Banking. From 2025, all publications and specifications will be updated in My Standards.
Clearstream Banking will provide clients with access to the Clearstream My Standards portal upon request. Details about how to request access to the My Standards portal will be published in due course.
Background
The Cross Border Payments & Reporting Group (CBPR+) has defined how ISO 20022 will be used in Financial Institution to Financial Institution payments and reporting across the Swift network.
Swift will be fully ISO 20022 compliant by November 2025 for cross-border payments and reporting services. The ISO 20022 standard is the next generation of Swift instructions which will supersede the current MT standard on the journey towards a rich and structured language for payment data.
Testing
Clearstream Banking will provide clients with a testing environment from 21 October until 1 November 2024. A Testing subscription form is attached below.
To participate in the simulation phase, clients should contact the Connectivity Testing Team at the following email address: connect-test@clearstream.com.
Further information
For further information, please contact the Clearstream Connectivity Helpdesk or your Relationship Manager.
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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany, and registered in Register B of the Amtsgericht Frankfurt am Main, Germany, under number HRB 7500.