The Transition from MT940 to CAMT.053 in the Netherlands

Why are banks switching to CAMT.053?

The European financial sector is undergoing a large-scale migration from the old SWIFT messaging standards to ISO 20022, the new international framework for financial messaging. This migration affects not only payment traffic (SEPA), but also the way bank statements are delivered. MT940, the tried-and-tested SWIFT format for bank statements, is being gradually replaced by CAMT.053, the ISO 20022 equivalent.

The main reasons for this transition are:

• More detail: CAMT.053 can contain significantly more information per transaction, such as structured references, extended counterparty information and batch details.
• Standardisation: ISO 20022 is a global standard supported by all major financial institutions. This reduces variation between bank implementations.
• European regulation: The European Central Bank and the European Payments Council (EPC) are promoting the transition to ISO 20022 as part of the harmonisation of European payment traffic.
• Future-proofing: SWIFT has announced that the old MT message types will eventually be phased out in favour of ISO 20022 equivalents.

Migration timeline in the Netherlands

The transition from MT940 to CAMT.053 is not an abrupt change, but a gradual process. Most Dutch banks have been offering both formats for years and are giving customers time to switch. Below is an overview of the current status per bank:

Bank	CAMT.053 available since	MT940 available until	Status
Rabobank	2015	Still available	CAMT.053 as default, MT940 on request
ABN AMRO	2016	Still available	Both formats available, active migration
ING	2017	Still available	MT940 still default, CAMT.053 optional
de Volksbank (SNS)	2018	Still available	CAMT.053 as default
Triodos Bank	2019	Still available	MT940 as default, CAMT.053 available
Knab	2020	N/A	CAMT.053 only (never offered MT940)

At an international level, SWIFT has set a migration deadline of November 2025 for interbank messaging. This does not mean MT940 will immediately disappear for end users, but banks will increasingly push for the use of CAMT.053.

What does this mean for your business?

The transition from MT940 to CAMT.053 has direct consequences for the way you process bank statements in your accounting:

1. Accounting software must support CAMT.053

Check whether your accounting package can import CAMT.053 files. Modern software like Exact Online, Twinfield and AFAS support CAMT.053, but older versions or niche packages may not. If your software only accepts MT940, you can use StatementBridge to convert CAMT.053 to MT940.

2. Adjust automatic connections

If you use an automatic bank connection that uses MT940 as the transport format, it may need to be adjusted. Contact your software vendor to ask whether the connection already supports CAMT.053.

3. Review internal processes

Does your company have scripts or macros that process MT940 files? These need to be adapted for the CAMT.053 XML format. The structure is fundamentally different (plain text vs. XML), so a simple adjustment won't suffice.

4. Leverage more detail

CAMT.053 provides more transaction details than MT940. This can benefit your administration: better automatic matching of payments, more information about counterparties and more detailed reports.

How to prepare

1. Check your software: Ask your software vendor whether CAMT.053 import is supported and if updates are needed.
2. Test with both formats: Download a sample statement in CAMT.053 from your bank and test the import in your accounting software.
3. Use StatementBridge as a bridge: As long as your software only accepts MT940, you can use StatementBridge to convert CAMT.053 to MT940.
4. Inform your accountant: If your accountant processes bank statements, coordinate which format is used and whether the transition has any implications.
5. Plan the switch: Choose a quiet moment (for example the start of a new financial year) to definitively switch to CAMT.053.

StatementBridge as a bridge

The transition from MT940 to CAMT.053 doesn't have to be a problem. StatementBridge offers a seamless solution for the transition period:

• CAMT.053 to MT940: If your bank only delivers CAMT.053 but your software expects MT940, StatementBridge converts the file in seconds.
• MT940 to CAMT.053: Want to switch to CAMT.053 early while your bank still delivers MT940? StatementBridge makes the conversion possible.
• Both formats to CSV/Excel: For analysis or manual processing you can export any bank statement to a readable spreadsheet format.

The future: ISO 20022 and beyond

The migration to CAMT.053 is part of a broader shift towards ISO 20022 in the financial sector. Besides bank statements (CAMT.053), payment orders (PAIN.001), status messages (PAIN.002) and direct debit orders (PAIN.008) are also being migrated to ISO 20022 formats.

For businesses that process bank statements, it's important to stay informed about these developments. StatementBridge is continuously updated to support all relevant ISO 20022 formats, ensuring you always have the right format for your accounting software.