Glossary

The Cross-Border Payments and Reporting Plus (CBPR+) working group formulates and refines the market practice guidelines. They develop ISO20022 usage guidelines that covers migration of MT categories 1, 2 and 9 to lessen the impact to correspondent banks as well as other users of these messages, including security players.

The European Banking Association Clearing (EBA) EURO1/STEP1 (E1S1) system processes transactions of high priority and urgency, and primarily of large amount, both at a domestic and at a cross-border level. EURO1 is the only private sector large-value payment system for single same-day euro transactions at a pan-European level. STEP1 is a same-day single payment service and processes retail payment orders and bank-to-bank transfers related to such commercial transactions.

The National Bank of Romania (NBOR) ReGIS is the national funds transfer system with real-time gross settlement (RTGS) for payments in LEI currency owned and operated by the National Bank of Romania, used for the settlement of central bank's monetary policy operations, interbank transfers, operations of other financial market infrastructures that operate at the national level, as well as payments initiated by participants on behalf of their customers, regardless of value.

The TARGET2 (T2) is the Real-Time Gross Settlement (RTGS) system owned and operated by the Eurosystem. Central banks and commercial banks can submit payment orders in euro to TARGET2, where they are processed and settled in central bank money, i.e., money held in an account with a central bank.

The TARGET2 (T2) Central Liquidity Management (CLM) component enables its participants to optimize their liquidity management, to group their accounts and to pool the available intraday liquidity for the benefit of all members of the group. It allows participants to control their liquidity outflow by setting limits, actively managing payment queues or prioritizing certain payments.

The TARGET2 (T2) Common Components (CoCo) are set of extracted Common Reference Data Management (CRDM) messages related to common components. CRDM provides common reference data management features that allows participants to create and maintain common reference data for configuration of data related parties, cash accounts, rules and parameters.

The Bank of England Clearing House Automated Payment System (CHAPS) is a sterling same-day system that is used to settle the high-value wholesale payments as well as time-critical lower-value payments, like buying or paying a deposit on a property. CHAPS migration to ISO20022 will be done in:
  • Phase 1 all DP or direct participant will use like-for-like (L4L) ISO20022 messaging, easy to translate back to existing MT messaging, since there will be no additional data requirements.

  • Phase 2 all DP or direct participant will use enhanced (ENH) ISO20022 messaging, with data that is above that is required or supported in existing MT message formats where possible. Includes fields which will support transmission of more information about the identities of those involved in the payments and the purpose of the payment.

The SWIFT Universal Confirmation (UC) provides an ISO 20022-compliant XML message that can be used to confirm both MT103 or pacs.008 by providing confirmations to the SWIFT GPI Tracker. The Tracker enables participants to track payments status in real time via end-to-end tracking database that is hosted by SWIFT.

The SWIFT Global Payment Innovation (GPI) tracker messages enables member banks to track payment statuses in real time through an end-to-end tracking database, incorporated by SWIFT. Includes ISO 20022 XML compliant messages used for payment status updates, reporting, trace and alert notifications.
  • SWIFT gpi Customer Credit Transfer (gCCT), first service implemented as part of the gpi initiative. Offers enhanced payment services thru faster, same day use of funds, (within the time zone of the receiving gpi customer), transparency of deducts, end-to-end payments tracking, remittance information transferred unaltered.
  • SWIFT gpi Instant Payments (gCCT Inst) is a gCCT transaction used for cross-border real-time payments.
  • SWIFT gpi for Corporates (g4C) service allow g4C corporates receive standardised and consistent payment statuses from their g4C banks that can easily be centralised and integrated into their Treasury Management Systems (TMS) or Enterprise Resource Planning (ERP) applications.
  • SWIFT gpi Cover Payments (gCOV) which is part of the gCCT service. The gCOV service is designed to further increase the timely processing of gCCT transactions by expediting credit to the beneficiary of the cover and facilitating its reconciliation with the underlying credit transfer.
  • SWIFT gpi Financial Institution Transfer (gFIT) service focuses on financial institution transfers and was designed to support financial institutions with monitoring of their settlement risk and counterparty exposure, intraday liquidity management and forecasting an improved operational efficiency.

The SWIFT Go is a service dedicated to low-value, cross-border transactions.