CFS: Vestima direct connection decommissioning - Update
Note: This announcement, originally published on 15 June 2023 and updated on 3 October 2023 and 22 December 2023, has been further updated to provide clients with information Vestima. Changes have been highlighted.
Clearstream Banking1 informs clients and business partners of the following important points about connectivity:
- Vestima direct connection will be decommissioned;
- From 10 June 2024 (hard deadline), Vestima will only be accessible via Xact Web Portal. No further access will be available via the direct link https://www.vestimaplus.clearstream.com/.
Impact on clients
This impacts clients of Clearstream Banking S.A., Clearstream Banking AG and Clearstream Fund Centre S.A. (CFCL), as well as business partners.
Throughout the remainder of 2023, Clearstream Banking will further communicate with clients and business partners - via client announcements and Relationship Managers - on the way to proceed with this migration from Vestima direct connection to Vestima via Xact Web Portal. Clients should already take note of the following points:
- If a client has an Organisation Unit (OU) under Clearstream entity parent OU (not Fund Centre entity OU) in Xact Web Portal already in place, the client is not requested to fill in the Xact Web Portal form again. The client is requested to simply send an Xact Web Portal Message Exchange, MT599 or signed letter with two authorised signatures to the attention of PRGconnect requesting the linkage of the related Vestima participant ID to the Xact Web Portal OU. Specify Vestima Module and add the MT599 sample (see below).
- If a client has no Xact Web Portal OU in place yet, the client will be requested to fill in the ClearstreamXact application form available here.
- Once an OU has been created in Xact Web Portal, clients have full control of the user management via a set of OU administrators to create new business users and user groups as best fits their organisation. Individual user credentials are not migrated into Xact Web Portal.
- There will be no impact to clients and business partners besides the way of connecting to the Vestima user interface (URL and authentication method) and the creation of users in Xact Web Portal. There will be no impact on report subscriptions or access to historical transactional data. This is a pure connectivity impact for users still set up under the Vestima direct connection.
- Vestima direct connection and Vestima connection via Xact Web Portal can remain active in parallel until the direct connection decommissioning is finalised.
Xact Web Portal
It is important to note the benefits offered by Xact Web Portal, which provides harmonised security and streamlined user management for the full range of Clearstream Banking’s services from a single entry point (single sign-on).
Clients are required to pay a EUR 300 monthly license fee (per OU) for Xact Web Portal services. For Fund Management Reporting Service (FMRS)-only clients, fees should be discussed with their Relationship Manager.
Vestima fees remain the same.
MT599 sample
"To the attention of CustomerAdmin and PRGconnect,
Please add the xxxxxx xxxxxx Vestima service(s)
and link participant ID xxxxxxxxxxx
to our Xact OU xxxxxx xxxxxx
Contact details: xxxxxx xxxxxx".
In the MT599, clients need to specify which Vestima service they would like to have:
- Vestima Master Participant;
- Vestima Order Handling Agent;
- Vestima Order Issuer; or
- Vestima Report Receiver.
If clients require advice on the content of the MT599, they should contact the VSI Team (VSI_TA_Connect@clearstream.com).
Further information
Information about Xact Web Portal can be found on the website.
Xact Web Portal training videos can be viewed on the website under Xact Web Portal documentation.
For further information, please contact the Clearstream Connectivity Helpdesk or your Relationship Officer.
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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 clients 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.