What is mt940?

MT940 is a SWIFT message type used for electronic bank account statements. It is a standardized format for transmitting account information between banks and their corporate customers. The MT940 message includes details such as account balance, transactions, and other account activity. This message type is widely used by banks and financial institutions to provide customers with detailed and up-to-date information about their accounts.

MT940 messages are typically sent by the bank to the account holder on a regular basis, such as daily, weekly, or monthly. The message can be transmitted in various ways, including through SWIFT's secure network, email, or online banking platforms. The information contained in the MT940 message is crucial for businesses and individuals to monitor their account activity, track transactions, and reconcile their accounts.

Overall, MT940 messages play a vital role in providing customers with accurate and timely information about their bank accounts, helping to improve transparency, efficiency, and control over financial transactions.