The switch from the SWIFT MT940 format to the CAMT.053 format marks a significant step in the development of electronic bank data exchange for domestic and EU account statement formats. The processing of electronic account statements in CAMT format (CAMT = Cash Management) is still optional until November 2025, after which the use of the XML format will become mandatory. The reason for the changeover is that the relatively rigid structure of the current SWIFT MT940 format can only be adapted to changing business requirements to a limited extent. In contrast, CAMT.053 has a more flexible structure and contains more extensive transaction information.
Advantages and innovations of the CAMT.053 format
The CAMT.053 format is based on XML and is part of the ISO 20022 standard, which has become increasingly established in the banking landscape and fulfills the SEPA standard. The ISO 20022 standard represents a global standard for message exchange in the international financial sector and marks a turning point in global banking. Thanks to its XML structure, the CAMT format is flexible and can be adapted to complex business requirements. It also contains more comprehensive transaction details that enable more detailed accounting and analysis. The standardized structure and comprehensive information make it much easier to automate accounting processes and import into the SAP system.
What does the changeover mean for companies?
For companies, the changeover primarily means a technical adjustment. To ensure that the account statements can continue to be processed in the SAP system, the customizing in the SAP system must be configured so that the new XML format can be processed. In this context, it makes sense to replace the old business transaction codes (GVCs) with the new ISO Bank Transaction Codes (BTCs).
The advantage of the latter is that they are independent of the bank and country and therefore represent a uniform standard. In addition to the adjustment in the SAP system, the bank statement format must also be changed at the respective bank so that it can provide the new format at all. It is also possible to have both format types - MT940 and CAMT.053 - delivered in parallel to simplify the transition. Many financial institutions offer support with the conversion of account statements to facilitate the transition to the new procedure.
Companies should tackle the switch to the new procedure at an early stage in order to avoid potential problems when importing account statements from the outset.
