I have had a couple of recurring questions about bank statements recently, and rather than responding to the individuals directly i thought it would be useful to address the question via a post. So, if bank statements are your thing check out my posts about the BAI2 and MT940 file formats.
What is CAMT?
- CAMT is an ISO 20022 Payment Message definition that stands for Cash Management and specifically covers Bank to Customer Cash Management reporting
- Keep in mind that ISO 20022:
- Defines the ISO standards for electronic data exchanges between financial institutions,
- ISO nicely put it as the “Universal financial industry message scheme”
What is the difference between camt.052, camt.053 and camt.054
- camt.052 – Bank to Customer Account Report
- This is your intraday information
- Provides the customer with a near real time view of their account(s)
- The camt.052 replaces the MT942
- camt.053 – Bank to Customer Statement
- This is your previous / prior day bank statement
- Provides the customer with detailed and structured information on all entries booked to their account for the previous day
- The camt.053 replaces the MT940
- camt.054 – Bank to Customer Debit / Credit Notification
- Provides the customer with specific account debit and account credit information
- The camt.054 replaces the MT900 (Confirmation of Debit) and MT910 (Confirmation of Credit) messages
What are the Benefits of CAMT Reporting?
- Using ISO 20022 (XML) and CAMT reporting allows banks and customers to use a standard way of reporting account information globally
- CAMT reporting enables consistency, moving towards a standard where banks populate the information in a specific and defined manner
- Banks can no longer construct an account statement in its own unique way, there are specific tags to report specific information – in BAI2 and MT940 some rows such as Transaction Detail (BAI2, record 16) or Statement Line (MT940, tag 61) can be populated in various and generic ways – each bank having their own flavour
- CAMT messages allow more information to be shared, the CAMT formats will not truncate remittance information for example – this enhanced richer reference and description information about the account credit or account debit facilitates and should improve the bank statement reconciliation process
- CAMT Messages enable flexibility around how you report, allowing customers to receive reporting information in various standardised ways – for example, many APIs are using ISO 20022 standards to exchange information over legacy file formats
- CAMT is a global format leveraging the ISO 20022 XML standards allowing better interoperability with your banks and your internal systems
- The idea being you can move away from multiple bank statement formats – BAI2 mainly in the US, MT940 in most other countries, but in some cases you may also be using local or bank proprietary formats – to just the CAMT reporting standard
- But, of course, you must work with your banks and the appropriate teams that support your internal systems (particularly legacy systems) to ensure compatibility
- The end goal is to enable corporates improve the end to end business process from payments to reconciliation
Hope that helps – please let me know if you would like any other information about the various CAMT reporting messages.
Very nice useful information in simple terms.
Do all of them confirm that funds have actually posted to the account? I’m trying to determine which of these files I could use to auto-reconcile posted funds.
Thank you for this article it is very useful.
Given that the payment reference is not unique, how can we handle double counting of payments (for example if camt.053 is fed multiple times in a consumer)
How could a payment information file from a payment provider be loaded which is also in XML format?
It should enable to clear open items like a bank account statement.
So what triggers the generation of either of these methods? It seems like a CAMT.052 message would get generated and sent any time there was activity on the client’s account, whereas a CAMT.053 message would only need to be generated once, after EOD (whatever time the FI chose to designate as EOD).
Is that correct? Or is there some other mechanism that triggers generating these messages?
Camt.052 also replaces CHAPS MT298/010 RTGS Status
Thank You this information is Very Useful
I still don’t get why the different formats are required. They are all lists with transactions and balances and filter parametres. Today with 100Gb/s internet connections becoming standard, why have all these different formats? I would understand in 1995 when data transmission was very limited, you need to conserve
information and only send very specific information in specific cases.
Thank you for this useful, clear and simplified article.