Overview of SWIFT MT940 Message

The SWIFT MT940 message is a bank account statement message that provides detailed information on all transactions posted to an account during a specific period, usually a day. It is primarily used for end-of-day reporting and is sent by the bank to its customers to inform them about their account balance and transaction history.

Structure of SWIFT MT940 Message

The MT940 message is structured using a series of tags, each of which serves a specific purpose. Below is a breakdown of the tags used in an MT940 message:

  1. Tag 20: Transaction Reference Number
    • Purpose: Uniquely identifies the message.
    • Example: :20:1234567890
  2. Tag 21: Related Reference
    • Purpose: References the related message, if applicable.
    • Example: :21:0987654321
  3. Tag 25: Account Identification
    • Purpose: Specifies the account for which the statement is being provided.
    • Example: :25:12345678901234567890
  4. Tag 28C: Statement Number/Sequence Number
    • Purpose: Indicates the statement number and optionally the sequence number.
    • Example: :28C:123/001
  5. Tag 60F/M: Opening Balance
    • Purpose: Provides the opening balance of the account at the start of the statement period.
    • Sub-tags:
      • F (Final Opening Balance) or M (Interim Opening Balance)
      • Currency
      • Amount
    • Example: :60F:C123456789,00
  6. Tag 61: Statement Line
    • Purpose: Details individual transactions.
    • Sub-tags:
      • Date
      • Debit/Credit Indicator
      • Funds Code
      • Amount
      • Transaction Type
      • Reference for Account Owner
      • Bank Reference
    • Example: :61:240622D1234,56NTRFNONREF//123456789
  7. Tag 86: Information to Account Owner
    • Purpose: Provides additional information about the transaction.
    • Example: :86:Payment for invoice 12345
  8. Tag 62F/M: Closing Balance
    • Purpose: Provides the closing balance of the account at the end of the statement period.
    • Sub-tags:
      • F (Final Closing Balance) or M (Interim Closing Balance)
      • Currency
      • Amount
    • Example: :62F:C654321,00
  9. Tag 64: Closing Available Balance
    • Purpose: Specifies the closing available balance.
    • Example: :64:C654321,00
  10. Tag 65: Forward Available Balance
    • Purpose: Specifies the forward available balance.
    • Example: :65:C700000,00

Corresponding MX Message: camt.053

The MX equivalent of the MT940 is the camt.053 message, which is part of the ISO 20022 standard. It serves the same purpose but is more structured and XML-based, allowing for richer data representation.

Mapping of MT940 Tags to camt.053

MT940 TagMT940 Descriptioncamt.053 Elementcamt.053 Description
20Transaction Reference Number<MsgId>Message Identification
25Account Identification<Acct><Id><IBAN>IBAN
28CStatement Number/Sequence Number<Stmt><Id>Statement Identification
60FOpening Balance<Bal><Tp><CdOrPrtry><Cd>OPBDOpening Balance
61Statement Line<Ntry><Amt>Entry Amount
86Information to Account Owner<Ntry><AddtlNtryInf>Additional Entry Information
62FClosing Balance<Bal><Tp><CdOrPrtry><Cd>CLBDClosing Balance
64Closing Available Balance<Bal><Tp><CdOrPrtry><Cd>AVLBAvailable Balance
65Forward Available Balance<Bal><Tp><CdOrPrtry><Cd>FWBDForward Available Balance

Example Messages

MT940 Example

:20:1234567890
:25:12345678901234567890
:28C:123/001
:60F:C123456789,00
:61:240622D1234,56NTRFNONREF//123456789
:86:Payment for invoice 12345
:62F:C654321,00
:64:C654321,00
:65:C700000,00

camt.053 Equivalent Example

<BankToCustomerStatementV02>
    <GrpHdr>
        <MsgId>1234567890</MsgId>
        <CreDtTm>2024-06-24T16:24:00Z</CreDtTm>
    </GrpHdr>
    <Stmt>
        <Id>123/001</Id>
        <Acct>
            <Id>
                <IBAN>12345678901234567890</IBAN>
            </Id>
        </Acct>
        <Bal>
            <Tp>
                <CdOrPrtry>
                    <Cd>OPBD</Cd>
                </CdOrPrtry>
            </Tp>
            <Amt Ccy="EUR">123456789.00</Amt>
        </Bal>
        <Ntry>
            <Amt Ccy="EUR">1234.56</Amt>
            <CdtDbtInd>DBIT</CdtDbtInd>
            <AddtlNtryInf>Payment for invoice 12345</AddtlNtryInf>
        </Ntry>
        <Bal>
            <Tp>
                <CdOrPrtry>
                    <Cd>CLBD</Cd>
                </CdOrPrtry>
            </Tp>
            <Amt Ccy="EUR">654321.00</Amt>
        </Bal>
        <Bal>
            <Tp>
                <CdOrPrtry>
                    <Cd>AVLB</Cd>
                </CdOrPrtry>
            </Tp>
            <Amt Ccy="EUR">654321.00</Amt>
        </Bal>
        <Bal>
            <Tp>
                <CdOrPrtry>
                    <Cd>FWBD</Cd>
                </CdOrPrtry>
            </Tp>
            <Amt Ccy="EUR">700000.00</Amt>
        </Bal>
    </Stmt>
</BankToCustomerStatementV02>

Explanation of Data in Each Tag

  • Transaction Reference Number (Tag 20 / <MsgId>): This is a unique identifier for the message, ensuring traceability.
  • Account Identification (Tag 25 / <IBAN>): Identifies the account for which the statement is being provided.
  • Statement Number/Sequence Number (Tag 28C / <Stmt><Id>): Used to differentiate between multiple statements sent for the same account.
  • Opening Balance (Tag 60F / <Bal><Tp><CdOrPrtry><Cd>OPBD>): Shows the balance at the beginning of the statement period.
  • Statement Line (Tag 61 / <Ntry><Amt>): Each line represents a transaction, detailing the amount, type, and any references.
  • Information to Account Owner (Tag 86 / <Ntry><AddtlNtryInf>): Provides additional context or details for the transaction.
  • Closing Balance (Tag 62F / <Bal><Tp><CdOrPrtry><Cd>CLBD>): Shows the balance at the end of the statement period.
  • Closing Available Balance (Tag 64 / <Bal><Tp><CdOrPrtry><Cd>AVLB>): Indicates the balance available to the account holder at the end of the period.
  • Forward Available Balance (Tag 65 / <Bal><Tp><CdOrPrtry><Cd>FWBD>): Represents the projected balance for the next period.

Background and Migration Considerations

Migrating from MT940 to camt.053 requires understanding both the structural and semantic differences between the SWIFT MT and ISO 20022 MX formats. The camt.053 message offers more granularity and richer data fields, which can enhance reporting capabilities but also necessitate careful mapping of legacy data to ensure accuracy and completeness.

A critical consideration is ensuring that all relevant data from the MT940 is correctly mapped to the corresponding camt.053 elements. Additionally, given the XML nature of the MX messages, organizations may need to adapt their systems to handle XML parsing and processing, if they haven’t already.