Format roadmap
MT940 retirement around 2027–2028 — what it means for your bookkeeping
The MT940 statement format has served European bookkeeping for decades. Its retirement has been deferred to roughly 2027–2028, but the migration to CAMT.053 (ISO 20022) is already underway: banks are defaulting many new business accounts to CAMT.053 delivery today.
What actually changes for you
When your bank switches you to CAMT.053, the file your accounting software expects may change. Software that only imports MT940 needs converted files in the interim, and files you export today in MT940 may need to become CAMT.053 for a new bank or a new client's software.
The good news: CAMT.053 is a richer format. Counterparty names, references and transaction classifications are structured fields instead of text to scrape — so conversion output can be more accurate, not just differently formatted.
What banks are doing, per country
Netherlands
Dutch banks (ABN AMRO, ING, Rabobank group) have been migrating customers to CAMT.053 / ISO 20022 for years. Many business accounts can still export MT940, but CAMT.053 is the direction of travel.
Germany
The German banking industry (Deutsche Kreditwirtschaft) has announced the phase-out of MT940 on a rolling schedule through 2028, replacing it with CAMT.053-based delivery.
Belgium & beyond
Belgium has long used CODA alongside ISO 20022. Other European markets are following the same migration at their own pace — check your bank's format roadmap.
What to do now
- Check which formats your bank currently offers for business statements — most still offer MT940 alongside CAMT.053.
- Check what your accounting software imports. If it is MT940-only, keep the ability to convert CAMT.053 back when your bank switches you over.
- Use MT2CAMT to convert whichever format you have into whichever your software — or your bookkeeper — actually needs.