The MT940 retirement around 2027–2028

What's happening

MT940 retirement has been deferred to roughly 2027–2028, but the migration is already underway: banks are defaulting many new business accounts to CAMT.053 delivery today.

When your bank switches you, the file your accounting software expects may change. Software that only imports MT940 needs converted files in the interim — and files exported today in MT940 may need to become CAMT.053 for a new bank or client.

What to do now

Check which formats your bank currently offers for business statements, check what your accounting software imports, and keep the ability to convert whichever format you have into whichever your software needs.