CBPR+ for corporates
What does CBPR+ mean?
Cross Border Payments and Reporting (CBPR+) is an initiative of SWIFT and banks around the world, which aims to standardize payment formats for currency transfers. The adopted standard (ISO 20022) is already known and used in SEPA settlements, in EUR.
The change mostly affects banks and settlements between them. This will translate into the adaptation of banking systems to the new formats of payment messages.
What does this mean for the customer - what are the benefits?
1. Changes within the CBPR + project will have a positive impact on:
- Shortening the transfer execution time limiting the number of inquiries / complaints initiated by the bank
- reduction of manually booked payments in favour of automatic postings (STP)
2. Identification of settlements
- structuring and additional information in the payment message, both in the electronic banking system and on the statements, will enable the precise identification of transactions and the construction of automatic reconciliation processes
What is the schedule for adapting systems to the ISO 20022 standard according to SWIFT?
Between March 2023 and November 2028, two formats will function in parallel: the current MT and the new MX.
By the end of 2028, MT9XX messages in accordance with ISO 20022 must be migrated to the camt.xxx format.
Q&A
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Migration to the new format applies to payment messages and statements from the group:
- MT 1XX
- MT 2XX
- MT 9XX
Below is a detailed table showing today's messages in MT format and their equivalents in MX format (pacs messages for payments and camt messages for statements):
MT message MX message Comment head.001.001.02 Business Application Header MT102/103 pacs.008.001.08 FI to FI Customer Credit Transfer MT200/201/202/203/205 pacs.009.001.08 Financial Institution Credit Transfer MT204 pacs.010.001.03 Interbank Credit Transfer MT103/202 ret pacs.004.001.09 Payment Return pacs.002.001.10 FI to FI Payment Status Repo MT941/942 camt.052.001.08 Bank to Customer Account Report MT940/950 camt.053.001.08 Bank to Customer Statement MT900/910 camt.054.001.08 Bank to Customer Debit Credit Notification MT210 camt.057.001.06 Notification to Receive MT920 camt.060.001.05 Account Reporting Request MT192 camt.056.001.08 FI to FI Payment Cancellation Request MT196 camt.029.001.09 Resolution od Investigation MT101 relay pain.001.001.09 Interbank Payment Instruction -
Yes, although the name of the project itself refers directly to SWIFT cross-border payments, both local settlement systems will also migrate to XML-based format. In the case of Sorbnet, the confirmed date of migration is the first half of 2025. In the case of the Elixir billing system, the date of migration has not yet been determined.
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XML ISO20022 – ING schedule
What we have already done
November 2022 – preparation of systems to support messages in MX format
March 2023 – ING’s readiness to receive and send payment messages to other banks in MX format
March 2024 – SEPA adaptation to format compliant with ISO20022
November 2024 – Adaptation of the foreign currency transfer order form in ING Internet Banking to ISO20022 requirements (pilot program for selected Customers).What is still ahead of us
According to the new SWIFT schedule, the obligation to switch to MX messages has been extended until the end of 2028:
Full implementation of CAMT statements – November 2028.
Full implementation of pain.001 – end of 2026.
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From March 2023, we will be sending currency transfers in the MX format. The payment message pacs.008.001.08 contains structured data and is more extensive than the MT103 message. We have prepared a confirmation in a special format, similar to MT103. We have also prepared some useful information to help you read it. Check how the SWIFT confirmation will look like.
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The new MX reporting format (send between banks from March 2023) includes more space for information and transaction description. This will cause difficulties in converting data from the new MX format to the still used MT format. Some information may be "truncated" at some point. If such a situation occurs, the additional "+" sign will appear at the end of the line in the SWIFT MT940/942 reporting.
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The new format of MX transfers/messages contains additional fields that were not present in the MT format. Your counterparty can fill them in, therefore more details may appear on the statement and confirmations.
If you are a standard user of the electronic banking system
The current standard, templates and files for importing currency transactions will be available unchanged. We are currently working on the preparation of new payment forms and the payment file import standard.
We will inform you in advance about the planned changes to the forms for entering transactions and/or the new file format.