MT940 vs CAMT.053 — which format, which import?

One paragraph each

MT940 is the classic SWIFT statement format: plain text tags with the transaction data in :61: lines and free-text :86: narratives. It is compact but cryptic.

CAMT.053 is the ISO 20022 XML successor: booking and value dates, debtor/creditor names and accounts as real fields (RltdPties), and a standardized transaction classification. It is verbose — which is exactly why a converter is useful.

Why CAMT.053 output is often more complete

The structured fields (counterparty IBAN/name, full remittance reference in EndToEndId) are often more complete than a bank's own quick CSV export, which tends to flatten or drop them. Because the source is structured rather than free text, conversion output is measurably more complete.

Which should you care about?

The one your bank gives you today and the one your software accepts tomorrow. Banks are defaulting many new business accounts to CAMT.053 delivery, with full MT940 retirement now expected around 2027–2028.