T2S: New cash reporting service

09.02.2017

Clearstream Banking is pleased to offer a new cash reporting service to holders of T2S Dedicated Cash Account (DCA) in Deutsche Bundesbank (BuBa) and Banque centrale de Luxembourg (BcL) who also have an account open at Clearstream Banking.

Effective

13 February 2017

BuBa and BcL T2S DCA holders that have an account at Clearstream Banking and that have subscribed to the Cash Account Statement service through their respective central bank will have the possibility to receive the T2S message “camt.053 – Statement of Account” in the form of a SWIFT MT940 message. It will be called T2S Dedicated Cash Account Statement (MT940).

Background information

In the current T2S environment, DCA holders that are cash Indirectly Connected Participants (ICPs) have no possibility to receive a DCA statement in an automated way, like the cash Directly Connected Participants (DCPs).

In order to fill this gap, Clearstream Banking together with the BuBa and the BcL have defined a solution that will allow cash ICPs to receive a DCA statement via their Clearstream Banking account in SWIFT ISO 15022 format (MT940) and through the Xact Web Portal.

This service is also offered to cash DCPs.

Key benefits

  • Help cash reconciliation
  • Reduce operational risk of manual handling
  • Avoid development costs to become cash DCP

Subscription

In order to subscribe to this service, customers are requested to contact their Relationship Officer.

Billing

Please refer to section 5.1.2.2 of the Clearstream Banking Fee Schedule dated 1 March 2017.

This service is provided for free until June 2017.

Disclaimer

The T2S Dedicated Cash Account Statement (MT940) represents the official statement from T2S / Central Banks. Clearstream Banking accepts no responsibility or liability beyond the correct conversion of the report into the ISO 15022 format, provided that it is received from T2S. The report is sent on behalf of the BuBa and BcL by Clearstream Banking.

Further information

BuBa and BcL customers that are interested in this service may contact Clearstream Banking Client Services or their Relationship Officer.