SWIFT Is Killing MT940 — Here's How to Future-Proof Your Bank Statement Pipeline

SWIFT deprecated MT940 bank statement format after migrating cross-border payments to ISO 20022 MX format in November 2025. CAMT.053, the XML-based replacement, eliminates the need for bank-specific regex parsing by providing structured fields for creditor names, IBANs, BICs, and remittance information. Organizations relying on MT940 for reconciliation pipelines should begin building dual-format support now.