camt – Cash Management messages

Background – what is camt?
"camt" stands for Cash Management messages. camt messages are based on the standardized ISO20022 XML format and are to harmonize electronic bank statement information in the future.

Who developed camt and why?
As standardized XML formats prevail more and more for payments due to SEPA, there is growing interest in using XML formats for cash application as well. These are made available to companies by their banks, provided the banks already offer camt formats. By using camt formats, companies can harmonize their finance processes not only across Europe but around the globe and improve their  Straight-Through Processing.

What camt includes
The new camt formats provide a standardized alternative on the basis of XML to currently widespread SWIFT formats MT940 and MT942 for the transmission of electronic bank statement information from banks to companies. The advantage of camt formats is that they can transport more information in structured form than is currently possible with SWIFT.

The following camt messages are available:

As collective entry information for SEPA payments has to be performed in ISO20022 format as of February 1, 2014, camt.054 is especially useful as a replacement for MT940.

Are camt formats mandatory?
The use of camt formats is currently optional. Banks are discussing, whether to offer camt formats to their customers. It can currently not be foreseen whether the formats will be mandatory in the future.

camt advantages:

cogon supports you with the processing of camt formats not only with a camt-compliant electronic banking solution but also with in-depth and practical know how. Profit from our expertise and best practice experiences.

Which requirements have to be met by your software to be able to process camt messages?
Some banks already provide bank statement information in camt format to their customers. If you want to use these formats for an improved straight-through processing, your electronic banking software should support the new camt formats. Usually an update or upgrade is necessary. You should also check whether your current software can meet your new requirements and, if necessary, migrate to a modern corporate software such as EBsec®. It provides numerous advantages such as simple and intuitive handling, easy integration options in existing IT infrastructure and a high degree of optimization for recurring processes.

You want to learn more about camt and the benefits for your company? Contact us! We are happy to support you.