Difference between MT940 and Camt.053.001.02

[vishnurallabandi]

Dear Team,

Can you please help me in understanding the difference between these two statements.MT940 VS Camt.053.001.02.

What is the requirement that pushes Camt specifically or can MT940 and Camt both can be used?

Request your inputs to better understand.

Thanks.

Regards,

Vishnu Vardhan.R

[BiberM · Accepted solution]

Camt.053 is simply the successor of MT940 and was introduced with SEPA. It is XML-based and can therefor validated against a xsd.

As far as I know, at least in europe Camt.053 will soon be the only valid Format.

[Bohdan]

Hi vishnurallabandi,

I agree with the previous comment by michael.biber2. Just want to add a few comments:

- You can use various formats of bank statement in parallel for different banks (i.e. or bank accounts) - MT940, Camt.053, BAI, Multicash or even custom formats which are specific to your house bank. As a rule it is not recommended to manage several bank statement formats for the same bank account. It will be more complicated for the end user and you will need to make sure that there are the settings behind that support each format.

- Therefore, normally, best practice is that you choose one format per bank and stick to it.

Technically speaking, Camt.053 is based on an XML-file and uses XSLT-transformation for parsing of the values. This way, I'd say it is a more complicated for a regular FI-consultant to understand / maintain / troubleshoot. But that's where the industry is moving and we need to make efforts to get familiarized with this format as much as possible. MT940 on the other hand is a plain .txt-file, is used for a very long time, is quite easy for understanding and you can find a lot of useful blog posts on this topic.

Regards,

Bohdan