MT940MT942

MT940MT942 refers to a combination of two SWIFT message types used in the financial industry, specifically for bank statement reporting. The MT940 is a SWIFT message type for a Bank Statement message. It provides a detailed account of a bank account's transactions over a specific period, including opening and closing balances, debits, credits, and transaction details. The MT942 is a SWIFT message type for a Bank Balance Report. This message type is typically used for interim or intraday balance reporting, offering a snapshot of the account balance at a particular point in time, often within the same business day.

When used together, MT940 and MT942 provide a comprehensive view of account activity and balances. Financial institutions utilize these messages to communicate account information to their customers, such as corporations or other banks. This enables efficient reconciliation of accounts and facilitates treasury management. The standardized format ensures that the information is consistently structured, making it easier for automated systems to process and interpret. Both message types are part of the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network, which facilitates secure and standardized communication between financial institutions globally. The accurate and timely exchange of these messages is crucial for maintaining financial transparency and operational efficiency in the banking sector.