The choice between electronic end-of-day statements in the MT940 format or the the CAMT.053 format.
Arguments for choosing the CAMT.053 format
You wish to see the full reference and description as 2 separate fields in the reporting. This may be an advantage in the case of automatic reconciliation.
You need to see underlying details of batch payments. The CAMT.053 format informs you of the total amount of the batch and the details of the transactions.
You benefit from receiving all feedback in one file. You can optimize your processes and systems on the basis of the XML format. This can help to reduce maintenance and simplify the processes.
Arguments for retaining the MT940 format
It is sufficient for you to have details about batch payments at principal level only.
Your systems are unable to process the larger data volume of the XML format.
The delivery deadline of the MT940 reporting better suits your follow-up processes.
MT942 or CAMT.052?
Also for intraday reporting you yourself may choose which format to use. The arguments to choose for one format or the other are the same as for end-of-day reporting.
