Cross-Border Payments and Reporting (CBPR+)
Clearstream1 is dedicated to informing our partners about the latest updates in the Cross-Border Payments and Reporting (CBPR+) project, which aims to enhance compliance and efficiency by adopting ISO 20022 for payments and reporting across the Swift network.
All Clearstream partners, including clients, cash correspondent banks and paying agents should follow and comply with the guidelines mentioned by Swift.
Background
CBPR+ has defined the use of ISO 20022 for Financial Institution-to-Financial Institution (FI-to-FI) payments and reporting. Swift will be fully ISO 20022 compliant by November 2025, transitioning from the current MT messaging to the MX standard.
Clearstream will follow Swift’s transition, achieving full compliance by November 2025 through MX message exchanges with clients and correspondents to maintain global standards.
End of co-existence and deprecated messages
While Swift encourages full readiness by November 2025, certain message types, particularly Reporting and Exception & Investigation messages (camt messages), will continue to be supported beyond this date.
Regarding the end of the co-existence period for payment instruction messages (pacs), Swift has provided the following information:
- Current co-existence period: period where either the MT or ISO 20022 standards can be used. This period ends on 22 November 2025.
- Post co-existence: From 22 November 2025, FI-to-FI payment instruction messages will only be delivered in ISO 20022.
- Contingency Processing: Automatic conversion of MTs to ISO 20022 on the FIN service will impact the following messages:
- MT103 (pacs.008/004/002)
- MT103 STP (pacs.008)
- MT200 (pacs.009)
- MT202 (pacs.009/004/002)
- MT202 COV (pacs.009 COV/004/002)
- Charges for contingency processing: Swift will charge senders for contingency processing from 1 January 2026. This processing validates such MTs before attempting conversion, which may result in messages becoming NACK or rejected in the Swift network. Clearstream will not be held responsible for claims arising due to the failure and/or rejection of the messages due to contingency processing from Swift from November 2025.
- FINplus In-flow Translation Service for CBL clients: Swift’s FINplus In-flow Translation service, which provides a translation of ISO 20022 messages to MT, will continue to be maintained beyond 22 November 2025 but Swift will charge for ISO 20022 payment instruction messages (pacs messages) from 1 January 2026.
Impact on clients
Clearstream clients should ensure the respective migration of their messages to comply with the global standards. By following Swift’s approach, MT messages, aside from payment instructions will still be supported by Clearstream after November 2025.
Detailed information of the already released messages highlighting specific CBL validations can be found in Release information
Impact on Cash Correspondent Banks
For CBL the migration from MT to MX for Cash Correspondent Banks (CCBs) will occur in waves, starting from early 2025 and concluding by November 2025 for payment instructions messages. For more detailed information, including testing purposes, CCBs should reach out to their respective CBL Network Managers.
Xact Web Portal
CBL has been able to send reports, statements, and notifications in the ISO 20022 format since November 2023. Migration from MT to MX cash statements reports is not automatic. Clients must subscribe via Xact Web Portal, or send an MT599 to the attention of PRG Connect, to receive the reports in ISO 20022 format over the FinPlus channel.
CFS Portal
CFCL will be able to send reports, statements, and notifications in the ISO 20022 format from June 2025. Clients must subscribe to the reports via CFS Portal or send an MT599 message to the attention of CFS Connectivity, to receive the reports in ISO 20022 format over the FinPlus channel.
MyStandards
The ISO 20022 message specifications for CBPR+ used by Clearstream are documented on the Swift MyStandards portal, providing an overview of the message structure, fields, and conditions.
- For CBL specifications go to Swift MyStandards, “Clearstream” group, “CBPR+” community.
- For CFCL specifications go to Swift MyStandards, “Clearstream Fund Centre” group.
Publications
Topic | Publication / Documentation |
Announcements for Clearstream Banking Luxembourg (CBL) | March 2023 Release C22033 |
November 2023 Release A23075 | |
Announcement for Clearstream Fund Centre (CFCL) | June 2025 Release F25003 |
MX to MT equivalents - Full list of ISO 20022 messages and their equivalents in ISO 15022 | |
Announcement Swift MyStandards |
1. Clearstream refers to both Clearstream Banking S.A. (CBL) and Clearstream Fund Centre S.A. (CFCL) unless specifically stated.