In the course of the global harmonization of payment transactions, the German banking industry is discontinuing the previously used MT format and will rely on the international standard ISO 20022 in the future. If you still use GVCs (Business Transaction Codes) in your bank statement processing, this creates a need for action in your SAP system.
What is changing?
The German banking industry is discontinuing the MT format to convert electronic payment transactions to the international standard ISO 20022. XML-based messages enable more extensive data transfer and offer significantly more flexibility and information density. ISO 20022 is expected to become the standard for international payment transactions in the coming years.
Which specific formats are being discontinued?
The SWIFT formats MT940, MT941, MT942 will be decommissioned by November 2025. The transaction information delivered in the old camt.02 version of the message standard will be updated to version 08.
SAP ELKO (Electronic Bank Statement Processing)
What needs to be considered for electronic bank statement processing in the SAP system?
- Check which banks use MT940-MT942
- Check the technical requirements in your SAP system. It may be necessary to implement notes (format and transformations).
- Mapping of previous Business Transaction Codes (GVC) to future Business Transaction Codes (BTC) and assignment of posting rules
- Customizing the basic settings for ELKO and search patterns for BTCs
- Extensive tests in your SAP system with your banks’ test files
in camt.08 format
We recommend starting the migration now.
Summary of deadlines for format changes to ISO 20022:
By November 2025: Decommissioning of old formats:
- The SWIFT formats MT940 – MT942 will be decommissioned
- Account information will be provided exclusively in camt format
- The camt formats must be updated to version 08
By November 2026: New pain formats for payment orders:
- SEPA credit transfers/direct debits must be submitted in camt.054.001.09 and camt.054.001.08 format
- International transfers will be converted from the previous DTAZV format to the XML format according to ISO 20022 pain.054.001.09
- Structured address data must be used to increase efficiency and security in payment transactions
Do you need support?
We already have experience with the migration to the new ISO 20022 formats. Check your bank statement and payment formats today. We would be happy to support and advise you on your migration processes.
