Clearstream Banking AG announced planned enhancements to its ClearstreamXact reporting services, aiming to further harmonise and streamline its settlement services.
Clearstream explained that the initiative follows successful efforts in standardising processes and reporting for Asset Servicing.
The primary objective of these enhancements is to align Clearstream’s service offering with T2S and Swift standards, while also achieving greater harmonisation between CBF and CBL.
This is expected to allow CBF legacy clients to transition to ClearstreamXact and benefit from several improvements.
Key advantages for clients include single-source messaging for Settlement and Asset Servicing, a unified graphical user interface (GUI) for both CBF and CBL activities via the Xact Web Portal, and reduced impacts from changes affecting both entities, such as Swift and T2S releases.
Furthermore, the enhancements are expected to harmonise reporting between CBF and T2S.
Clearstream anticipates delivering reporting enhancements throughout 2025 and 2026, with a full upgrade of ClearstreamXact client reporting expected by November 2026.
Following a six-month coexistence period, the legacy CBF Settlement reporting will be decommissioned. Clearstream encouraged clients to migrate their legacy reporting to ClearstreamXact at their earliest convenience.