MT940 vs MT942: What's the Difference?

Last updated July 2026.

MT940 is the SWIFT end-of-day account statement: it closes the day with a final opening and closing booked balance, and it is what you reconcile your books against. MT942 is the interim transaction report: it lists movements during the day, carries no final closing balance, and exists so treasury can see cash intraday before the day is booked. Same SWIFT message family, two different jobs: MT940 is the record, MT942 is the running update.

If you only ever import one file for bookkeeping, it is the MT940. The MT942 matters when you need to know your position at 11 a.m., not tomorrow morning. Here is exactly how they differ and how each one converts to Excel or CSV.

MT940 vs MT942 at a glance

What is an MT940?

An MT940 is the SWIFT Customer Statement Message, the end-of-day statement a bank sends for an account once the day is closed. It carries a stated opening balance (tag :60:), every booked transaction for the period (tag :61: with detail in :86:), and a closing balance (tag :62:), plus an available balance (:64:). Because those balances are final, the MT940 is what your accounting or treasury system reconciles against. It is a compact, tag-delimited text file, not XML, and one file usually covers one account for one statement date.

What is an MT942?

An MT942 is the SWIFT Interim Transaction Report, a snapshot of account activity taken during the day before the statement is closed. It lists the transactions that have posted since the last MT940 or last MT942, but instead of a final closing balance it reports a floor-limit indicator (tag :34F:), the threshold above which movements are shown. A bank can send several MT942 messages a day, which is why treasury teams use it to watch cash in near real time rather than waiting for tomorrow's statement. It is an update, not a book of record.

The core difference: record vs running update

The single distinction that explains everything else is timing and finality. MT940 is produced after the banking day closes and states final balances, so it is authoritative: you can tie it out to the penny and file it. MT942 is produced mid-day and deliberately omits a closing booked balance, so it can never be a statement of record; it only tells you what has moved so far. Reconcile against the MT940. Forecast and position cash with the MT942. Using an MT942 for reconciliation is the most common mistake, and it fails because the numbers are provisional and the balance is missing.

Are MT940 and MT942 being replaced by ISO 20022?

Yes, gradually. Under ISO 20022, the XML message camt.053 replaces the MT940 end-of-day statement and camt.052 replaces the MT942 interim report (camt.054 covers debit and credit notifications). The XML versions carry far more structured detail: named fields, structured remittance information, purpose codes, and charge breakdowns that the tag-based MT formats compress into free text. That said, the timeline is not a hard cliff. SWIFT removed the November 2025 deadline for these reporting messages, so banks can keep sending MT940 and MT942 over FIN, with full retirement now expected around 2027 to 2028. Many US banks, including U.S. Bank, began offering camt statements alongside the MT versions in 2026 (U.S. Bank ISO 20022 details; RedCompass Labs 2026 deadlines). In practice, most treasury teams will handle both formats for the next couple of years.

How do I convert an MT940 or MT942 to Excel or CSV?

Both files are readable text, but neither opens cleanly in a spreadsheet, because the data lives in SWIFT tags (:61:, :86:, :34F:) rather than columns. To get usable rows you have to parse each tag and split the transaction and detail lines into fields. The fastest path is the MT940 to Excel converter, which reads the tags and returns one clean row per transaction with the date, amount, debit or credit mark, and description already separated. For the interim report specifically, the MT942 to Excel converter pulls out the 34F floor limit and the 90D and 90C totals, and the step-by-step method is in how to convert an MT942 file to CSV or Excel. If your bank offers the newer XML statement, the trade-offs are covered in camt.053 vs MT940 and which bank statement format to request. Treasury teams usually feed the converted transactions into cash forecasting and month-end close, where the same figures roll up into the period's financial statements.

Frequently asked questions

What is the difference between MT940 and MT942?

MT940 is the end-of-day SWIFT statement with a final opening and closing booked balance, used for reconciliation. MT942 is an interim, intraday transaction report that lists movements since the last statement and carries a floor-limit indicator instead of a closing balance, used for cash positioning. MT940 is the record; MT942 is a provisional update.

Can I reconcile against an MT942?

No. An MT942 has no final closing booked balance and only reports transactions above a floor limit, so it is provisional by design. Use it to see cash intraday, then reconcile against the MT940 end-of-day statement once the banking day closes and the final balances are stated.

How often is an MT942 sent?

As often as the account holder and bank agree, frequently several times a day or on request. Because MT942 is meant for intraday cash visibility, many corporates receive it at set intervals during business hours, whereas the MT940 statement arrives once per statement period after the day closes.

What replaces MT940 and MT942 under ISO 20022?

The XML message camt.053 replaces the MT940 end-of-day statement and camt.052 replaces the MT942 interim report. SWIFT removed the November 2025 deadline for these reporting messages, so MT940 and MT942 remain valid over FIN, with retirement expected around 2027 to 2028 as banks roll out the camt equivalents.