Understanding MT 940 bank statement format [EBS-1]

The MT940 (MT = Message Type) electronic account statement is an international standard that was developed by S.W.I.F.T. in Brussels for the paperless
transmission of account information. This standard is used by banks all over the world. In particular, MT940 is used to provide bank information to clients’ cash
management, treasury systems and accounting applications.
 Structure
Each message is divided into four blocks. Blocks 1, 2 and 3 relate to header information, and Block 4 contains the text of the message or Bank Account Statement.
Each block is subdivided into a number of fields and each field contains particular information, for example, date, time, LT address, Session Number, ISN, or a tag
number followed by the appropriate variable content. All fields within blocks 1 and 2 are of fixed length and are continuous. Block 3 is optional and may be used for
user-to-user messages. No field separators are used. The content of Block 4 differs depending on bank in terms of which optional fields are used.
Block structure
Block Name Example of Content

1. BASIC HEADER BLOCK {1:F01NDEASESSAXXX0833510237}

2. APPLICATION HEADER {2:O9400325050701NDEANOKKBXXX12706189060507010325N}

BLOCK

3: USER HEADER BLOCK {3:108:34}

4. TEXT BLOCK / Account {4:<CrLf>

Statement

:20:VR06314330391601<CrLf>

:25:60030631433<CrLf>

:28C:123/1<CrLf>

:60F:D100405USD6000000,00<CrLf>
 :61F:100320C9860,030NCHK0000033322 //NONREF<CrLf>

:61F:100331D9860,030NINT1700000348 //NONREF<CrLf>

:62F:D100405USD6000000,00<CrLf>

 Account statement format

Now we focus on block number 4, which are contain of bank transactions captured in bank account statement. The message type consists of a sequence of fields
or Taq Type. Each tag type gives important message to the customers system. It contains to bank account number, date of transaction, statement number,
opening and closing balance and reference bank transactions information. Detail of taq type, meaning, and example of information defined as follows:
Tag Meaning SIF Field SWIFT content / format SWIFT Information Reported
Type Description status

20 Transaction :20: Statement 16x Mandatory Always = YYYYMMDD Eg.

Reference Date 20041231
Number

25 Account :25: Account 35x Mandatory Eg.

Specificatio Identification Bank LT527300010002245349LTL
n ID/account number

28C Statement :28C: Statement 5n[/5n] Mandatory From the statement date;
Number/Se and/or sequence YYYY-1980 and Julian date,
quence number therefore 15th July 2004
Number reads as 20196 – (where 20
refers to the year and 196 =
Julian date 15/07) “/01” eg
20196/01
60F Opening :60F: Opening 1!a6!n3!a15d Mandatory D for Debit or C for Credit
Balance Balance
Date (YYMMDD)
Currency Code
Opening Balance with a
comma as the decimal
point
61 Statement :61: Statement line 6!n[4!n]2a[1!a]15d1!a3!c16x[//16x] Optional A statement line field is
Line (one field produced for each
per [34x] transaction.
transaction)
This field is sub-divided
as follows:
• Date – YYMMDD
• Date – MMDD
• Debit/Credit mark – ‘D’
Debit, ‘C’ Credit, ‘RD’
Reverse Debit, ‘RC’
Reverse Credit
• Funds code – ‘X’
• Transaction amount
• Transaction type
identification code:
‘NCHK’ for cheques, ‘F’
plus TLA for other
transaction types
• Account owner
reference
 Cheque number for
cheques, or transaction
type for other
transaction types
 • Originating bank’s own
reference ‘//’
• Supplementary details:
Not applicable
86 Information :86: Information to 6*65x Optional For Credit transactions:
to Account account holder
Holder Payer: /<Payer’s account
number> <Payer’s name>
/ID/<Payer’s register
No> Payer bank :
<Payer’s bank code
(SWIFT code)> Details:
<Payment details>
ForDebit transactions:
Beneficiary:
/<Beneficiary’s account
number> <Beneficiary’s
name>
/ID/<Beneficiary’s
register No> Beneficiary
bank : <Beneficiary’s
bank code (SWIFT
code)> Details:
<Payment details>
Default business code –
999/
Posting text to follow –
00
Transaction details –
CHEQUE or transaction
code eg.
:86:999/00CHEQUE or
 :86:999/00STOJSMITH
62F Closing :62F Closing 1!a6!n3!a15d Mandatory D (Debit) or C (Credit)
Balance Balance
Date – YYMMDD
Currency code
Amount, with a comma
marking the decimal
point
 Define MT 940 transaction code.
Each bank transaction is identified by transaction code in MT 940 block number 4 and tag type 61. Each bank has different meaning to utilize each MT 940
transaction code. Client / business user should get the information and knowledge from the bank how to define each transaction code related with its bank
transactions that written in MT 940 bank statement format. Following table shows some MT 940 transaction codes have been defined by bank officer and business
user. Some other transaction codes may been used in other case.
Code Description

NBOE Bill of exchange

NCHG Charges and other expenses

NCHK Cheques

NCOL Collections

NCOM Commissions

NDCR Documentary credit

NDIV Dividends-Warrants
NECK Eurocheques

NEQA Equivalent amount

NFEX Foreign exchange

NINT Interest

NLDP Loan deposit

NMSC Miscellaneous

NRTI Returned item

NSEC Securities

NSTO Standing order

NTCK Travelers Cheques

NTRF Transfer

NMAR Securities Related Item – Margin payments/Receipts

NBOE Bill of exchange

NCLR Cash letters/Cheques remittance

NVDA Value date adjustment

NCMI Bank collection

We have learnt structure of MT 940 bank statement, bank account statement format, and MT 940 transaction codes.