Adoption of ISO 20022 payment standards should be ongoing, writes Amber Christian in Treasury & Risk. The CAMT053 standard can improve communication between corporates and their banks. She writes: “Corporate treasurers should also be working to incorporate the CAMT053 bank statement standard into their technology infrastructure. CAMT053 is an XML standard for formatting bank statements that can replace BAI2, MT940, or Multicash formats.”

Christian adds: “A corporate treasurer whose transaction banks are capable of managing data in the CAMT053 format should look closely at the company’s systems and processes to determine how the organizational infrastructure would need to change in order to take advantage of the new format, and whether shifting to CAMT053 makes sense.”

Read more in the full article here.

---

CTMfile take: There is limited information out there about the practical side of using the CAMT053 format for bank statements. This article is a very useful primer for corporate treasurers.