Support

CTS Status

Get the latest news & information from the CTS team.
Useful Links

The NatWest routing details for Capital Treasury Services (CTS) are changing with effect from 10/07/20.

Download as PDF

With the impact of COVID-19 being felt personally and professionally across the globe, Capital International Group are committed to supporting our staff and customers through these unprecedented times.
 

We will endeavour to deal with your request within our normal service levels, however please be aware this may not be possible in every case.
 

During this period the Exceptions Team will only be available via e-mail.  Should you need to contact them, please e-mail ExceptionTeam@capital-iom.com addressing your e-mail accordingly in the subject line for ease of prioritising.
 

We very much appreciate your continued patience and support.

Further to the emergency rate cut decision made by the US Federal Reserve,please be advised that we have updated the USD credit interest rates applicable to the Capital Liquidity Account (CLA).

 

With effect from 16/03/2020 all USD balances will attract a 0.00% rate of interest:

 

You can view the current rate tiers on our website here.

Further to the emergency rate cut decision made by the Bank of England,please be advised that we have updated the GBP credit interest ratesapplicable to the Capital Liquidity Account (CLA).

 With effect from 11/03/2020 all GBP balances will attract a 0.00% rateof interest:

 You can view the current rate tiers on our website here.

Further to the emergency rate cut decision made by the FED yesterday, please be advised that we have made proportionate changes to the USD credit interest rates applicable to the Capital Liquidity Account (CLA). These changes have been made with immediate effect.

 New USD interest rates with effect from 04/03/2020:

 $0>$999,999

0.00%

$1,000,000 > $1,999,999

0.05%

$2,000,000 >

0.10%

 GBP rates remain unchanged, EUR rate is also unchangedfollowing its reduction on the 3rd February 2020.

 You can view the current rate tiers on our website here.

Following the Criminal Data Breach at Cayman National Bank (CNB) in November 2019, CNB have provided an update following the breach and we as Capital International Group have created an update document to all Capital Treasury Services clients which you can find below:

Cayman National Bank update

Capital Treasury Services update

Please be advised that we have made changes to the EUR Credit Interest Rates applicable to the Capital Liquidity Account, these changes will take effect from Monday the 3rd February 2020.

Currently our rate is -0.50% accross all balances, however to realign USD and GBP we will be reintroducing a banded interest rate structure, as follows:

€0 > €999,000

-0.95%

€1,000,000 >  €9,999,999

-0.80%

€10,000,000 +

-0.65%

 These changes are reflective of a continuing decline in the rates we are able to achieve in the marketplace.

GBP rates remain unchanged, USD rate is also unchanged following the reduction on the 20th January 2020. You can view the current rate tiers on our website here.

Please be advised that we have made changes to the EUR Credit Interest Rates applicable to the Capital Liquidity Account, these changes will take effect from Monday the 3rd February 2020.

Currently our rate is -0.50% across the board, however in line with USD and GBP we will be reintroducing a banded interest rate structure

These changes are reflective of a continuing decline in the rates we are able to achieve in the marketplace.

In October 2019 the US Treasury announced a further 0.25% cut to the USD FED Funds Rate to 1.50-1.75%.  We were able to absorb this drop for a period of time, however we have now made the decision to reduce all USD interest rate tiers by 0.25% with effect from Monday the 20th January 2020.

Maintenance window will be Saturday 7th between 8am – 2pm, please expect no access during this period. There may be a potential for further short duration outages throughout the weekend. We will inform you when the Security Enhancements are complete.

Further to our notification of 20th November 2019, Cayman National Bank has now issued a formal notification of a criminal data breach to CTS.

The Special Task Team that has been set up by CTS has reviewed the notification and we have been in further dialogue with Cayman National Bank. At this point, we have no more detailed information regarding specific CTS data that has been compromised by the data breach. We will remain in regular dialogue with Cayman National Bank and advise CTS customers as soon as more information comes to light.

For clarification, the clients of CTS are not clients of Cayman National Bank and therefore the reference in the formal notification to KYC data relates to the KYC data of CTS and its directors and owners and not to the KYC of CTS’s customers.

Cayman National Corporation Ltd announced on Monday, 18 November 2019 that its Isle of Man subsidiaries, Cayman National Bank and Cayman National Trust Company, have experienced a data hack.

Cayman National Bank is the primary supplier of bulk payment services accounts to CTS for its money transmission business.  CTS customers are reminded that their Capital Liquidity Account funds are held in the segregated ring-fenced accounts of Capital International (Nominees) Limited.  These client money accounts are held in a diversified pool of highly rated banks.

We have been in direct communication with the Executive Management of Cayman National Bank since early on Tuesday 19 November 2019 and have been assured that comprehensive steps have been taken to secure the cyber security defences of Cayman National Bank and that the malware used by the criminal hacking group has been removed by a professional cyber security firm.  It has also been confirmed that no funds of CTS have been stolen.

Cayman National Bank advised that formal letters will be issued to all their customers setting out what data may have been compromised by the hackers.  These letters are expected to be issued by Monday 25 November 2019.  The customer in this instance is CTS. We have set up a special task team within Capital International Group that will analyse the letter that will be issued to CTS and will shortly thereafter be able to advise CTS clients what data may have been compromised by the hacking of Cayman National Bank and any actions that they ought to take.

Recently the US Treasury announced a further 0.25% cut to the USD FED Funds Rate to 1.75>2.00%.  At this time we are unable to absorb this rate reduction and have therefore made the decision to reduce all USD interest rate tiers by 0.25% with immediate effect.

We have managed to remain somewhat behind the curve with negative EUR interest rates, holding our rate at just -0.25% for some time. However due to recent changes within the underlying pool of deposits within the EUR ‘Managed Pool’ this rate has now dropped by a further -0.25% to -0.50% with immediate effect.

Further to the recent consolidation of our payments traffic through a single banking provider, it has become evident that the parties involved in the processing of payment instructions are currently unable to provide a guarantee as to their ability to do so in a manner which is consistent with our current cut-off time and value date targets. In order to manage customer expectations, and to give the parties processing our payments more time in order to fulfil their roles, we have made the hard decision to amend our payment cut-off times and value date rules.

With effect from Monday the 5th August we will no longer be able to make International/SWIFT payments with same day value, all payments will be processed on a T+1 basis. The cut-off time for processing these payments will move back to 14:00.

GBP domestic payments (BACS, CHAPS and Faster Payment) will remain unchanged, with same day processing and a 12:00 cut-off time.

We would like to assure clients that we are doing all we can to try to minimise disruption of service at this time, we can confirm that we are working on dramatic changes to our operating model which we hope to have rolled out towards the end of Q3. These changes will see our payment offering dramatically improved and our service levels back to the high-standard that you have previously been accustomed.

In the meantime please bear with us, allow additional time for any payment types affected by these changes and if you have any questions please do not hesitate to contact us. We sincerely thank you for your understanding.

Payment Cut-off Times and Value Date Rules:

GBP Domestic Payment | 12:00 | Same day (BACS credit value T+2)

All other payments | 14:00 | T+1 (funds will be debited from your account day 1, but may not be processed by our bank until the following working day).

Further to the 0.25% cut of the USD FED Funds Rate to 2.25% we can confirm that the USD CLA rate has also been reduced. At this time we have absorbed some of this rate reduction and have opted to reduce the USD CLA rate tiers by 0.15% only. You can view the current rate tiers below:

Current base rate 0.75% -0.50% 1.75%
GBP EUR USD
2m+ 0.25% -0.50% 0.60%
1m+ 0.25% -0.50% 0.50%
500k+ 0.20% -0.50% 0.50%
250k+ 0.15% -0.50% 0.40%
200k+ 0.05% -0.50% 0.40%
100k+ 0.05% -0.50% 0.35%
50k+ 0.00% -0.50% 0.25%