ISO 20022 CBPR+ structured and hybrid address requirements - Mandatory changes - Swift revised timeline

Further to Announcement C26030, Clearstream¹ informs clients of Swifts’s revised implementation timeline for the CBPR+ structured and hybrid postal address requirements.

Consequently, Clearstream will continue to accept unstructured postal addresses in Party and Agent fields until the revised industry implementation date is confirmed by Swift.

Clients are nevertheless encouraged to continue their preparations for the adoption of structured and hybrid address formats in anticipation of a future industry implementation date.

Note: The scope of this change is limited to CBPR+ messages where parties or agents are identified using structured or hybrid Name and Address information.

Clients that currently use BICs to identify parties or agents are not impacted by this change and may continue using BICs as before. BIC remains the preferred identification method within CBPR+, as it facilitates straight-through processing (STP) and contributes to more efficient and accurate message handling.

Background 

These requirements apply to all connectivity channels, including: 

• Xact Web Portal;
• Xact via Swift; 
• Xact File Transfer; and 
• Any other channels used by clients to initiate CBPR+ messages to Clearstream.

Clients should continue to ensure that their systems are capable of receiving and processing messages containing structured, hybrid and unstructured address formats, as applicable.

Impact on clients

Accepted address formats

 Clearstream will support the following formats: 

1. Fully structured address 

• Address elements provided in separate fields (for example, Street, Post Code, Town/City, Country).
• For clients using the Xact Web Portal graphical user interface (GUI) to create cash payment instructions, Clearstream will introduce the option to use the following structured address fields:
  • Street Name
  • Town/City; 
  • Country. 

2. Hybrid address 

• Mandatory Structured elements: 
  • Town/City; 
  • Country. 
• Plus, up to two unstructured address lines (max. 70 characters each). 

3. Unstructured address 

• Unstructured postal addresses continue to be accepted in Party and Agent fields in line with Swift’s revised implementation timeline.

Key requirements 

• Town/City and Country remain key elements of hybrid address formats.
• Clearstream will continue to accept unstructured postal addresses in Party and Agent fields until further notice, in alignment with Swift’s revised timeline.
• Clients using the Xact Web Portal GUI to create cash payment instructions will be able to use either:
  • The existing unstructured address format; or
  • The new structured address format using the fields Street Name, Town/City and Country;
  • Hybrid address format will not be allowed in Xact Web Portal.

This provides flexibility for clients while supporting the future adoption of structured addresses.

Client actions 

Clients are requested to: 

• Review and enrich address data to ensure completeness. 
• Continue preparing systems and message formats to support structured and hybrid addresses in anticipation of future industry implementation requirements.
• Monitor further industry communications regarding revised implementation timelines.

Client testing dates and more details about the ClearstreamXact changes supporting structured and hybrid address formats will be published separately.

Further Information 

Clients should refer to the Swift announcement for additional details.

For further information, please contact Client Connectivity Services or your Relationship Manager.

Note: A detailed announcement covering the ClearstreamXact-related changes, including functional and technical specifications, will be issued in the coming days.

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1. Clearstream 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 Europe AG, registered office at Mergenthalerallee 61, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500. Clearstream Banking S.A. is registered as an Australian CS (Overseas) Facility, under subsection 824B(2) of the Corporations Act 2001, with registration number ARBN 675 244 783.