T2S: New cash reporting service - revision
Note: This announcement, originally published on 9 February 2017, has been updated to include details about the subscription process of this service. The changes have been highlighted.
Clearstream Banking1 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
If a Clearstream Banking customer that is a BuBa or BcL T2S DCA holder, wishes to receive the T2S Dedicated Cash Account Statement (MT940), they will need to complete the T2S report configuration form that is available upon request from BuBa or BcL.
BuBa T2S DCA holders should complete "Party BIC11 of the party receiver" with DAKVDEFFIRS (linked by default to the Clearstream CEDELULLXXX technical address).
BcL have Clearstream Banking already completed as party receiver with CEDELULLXXX as the technical address on their form.
After submission of this form, the BuBa or BcL will subscribe to the “camt.053 – Statement of Account” (SWIFT ISO 20022 format) on behalf of their client in T2S.
Only then can the Clearstream Banking customer subscribe to the service in Clearstream Banking.
In order to do so, customers can use an existing Clearstream Banking account or open a new one, and then send a free-format message (SWIFT MTx99 or CreationOnline message) for the attention of “PPI Connect”, indicating:
- Clearstream Banking account number (for billing purposes);
- a BIC address;
- the DCA number; and
- the start date.
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.
----------------------------------
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 Frankfurt customers using CreationOnline), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.