There is currently a lot of discussion regarding the migration from MT940 to XML, also known as ISO 20022. I can explain what is happening, why it matters, what challenges exist, and what this means for companies and banks.

What is ISO 20022 and why the migration

ISO 20022 is a modern messaging standard for financial communication, covering payments, reporting, cash management, and more. Unlike older MT (SWIFT-FIN) messages, ISO 20022 is XML-based, allowing much more structured data, including additional fields, hierarchy, and metadata. This richer data enables easier automation (for example, reconciliation), better compliance (sanctions screening, etc.), and more robust reporting. SWIFT is decommissioning certain MT message types, particularly categories 1, 2, and 9 on the interbank network. After this migration, ISO 20022 will become the main standard for interbank communication, such as reporting and payments.

Specifically: Migration of MT940

MT940 is the old SWIFT message for “customer statements,” which shows bank account balances and transactions at the end of the day. Its ISO 20022 replacement is mainly camt.053 (Bank-to-Customer statement). Other MT formats are also migrating:

• MT942 (interim report) → camt.052
• MT900/910 (debit/credit confirmations) → camt.054

Some banks, like Deutsche Bank, have deadlines around November 2025 for certain messages. Some camt versions, such as camt.053 v08, define thousands of tags, meaning that much more information can be transmitted but the complexity increases.

Challenges and points of attention

Technical impact on systems
ERP systems and Treasury Management Systems must handle the new XML structures. Mapping old codes (like Business Transaction Codes in MT) to new ISO codes is required. In SAP systems, XSLT transformations may be needed to read camt.053 XML. Some older accounting systems cannot process or store the additional data from camt.053.

Data quality / master data
Address fields often need to be structured. Unstructured addresses are less accepted in ISO 20022. Companies may need to clean master data to ensure that new mandatory fields, such as LEI or structured addresses, are correctly processed.

Operational risks
During the transition, there is a risk of disruptions: parsing errors or incorrect mappings can lead to payment errors or reconciliation issues. Some companies adopt a phased migration, where banks send both MT940 and camt.053, allowing internal systems to handle both formats and gradually transition. Consolidators that aggregate statements from multiple banks may also face migration challenges. Some banks offer “backward conversion,” converting camt.053 back to MT940 for clients not yet ready, but this is not guaranteed.

Regulatory / compliance
The richer data in camt messages provides better opportunities for compliance, such as anti-money laundering monitoring, because more structured fields are available. Automation can reduce human intervention and thus lower risk.

Change management
Migration is not just an IT project: it affects processes, people (treasury, finance, operations), and governance. Testing is crucial: sample files from banks must be used, and internal systems must be tested thoroughly. Stakeholder management is essential, coordinating IT, treasury, accounting, and banks regarding timing and approach.

Benefits of the migration

• More data and transparency: ISO 20022 provides more structured information than MT, improving visibility of individual transactions, payment sources, and details per invoice.
• Better reconciliation: With more information, payments can be automatically matched to invoices or other records, improving efficiency.
• Future-proof: ISO 20022 is the new standard for financial messaging, preparing organizations for future developments.
• Improved compliance and risk management: structured data supports screening and monitoring better than the old MT messages.
• Better integration with modern systems: contemporary treasury, ERP, and reporting systems can leverage XML for dashboards and analysis.

Critical points

Not all banks deliver “native” camt.053; some convert MT internally, meaning not all extra data is available. Version differences exist (camt.053 v02, v08) with different fields, requiring flexibility. Costs and time must be considered, as the migration requires investment in IT, project management, testing, and training.

Conclusion

The migration from MT940 to ISO 20022 (camt.053) is part of a broader effort in the financial industry to phase out legacy MT messages and replace them with modern, structured XML messages. This offers many advantages, particularly more data, better automation, and improved compliance, but also brings technical and organizational challenges. Companies must act proactively: initiate migration projects, inventory systems, test with banks, and ensure processes are ready for the new reality. For many organizations, this migration will provide strategic benefits in treasury, reporting, and risk management.

If your organization is preparing for this transition and could benefit from specialized expertise, I can connect you with highly experienced interim treasury professionals. experts I have recently collaborated with on a similar ISO 20022 migration assignment.

Let’s talk more!

At a recent treasury event, we invited participants to take part in a short quiz about how digital tools and AI are influencing treasury work. The results were clear: technology is transforming the field faster than many expected, and treasury professionals are eager to keep up.

How AI Is Transforming Treasury

Artificial intelligence is no longer just about automation or efficiency. It combines technology with human insight to make treasury operations smarter, faster, and more strategic.

When asked what excites them most about AI, professionals mentioned three key points:

• Automating routine tasks to focus on more meaningful work
• Improving forecasting accuracy and real-time insights
• Supporting quicker, smarter decision-making

AI is not replacing people. It is giving them time to focus on strategy, creativity, and impact.

Different Thinking Styles

When faced with complex funding decisions, treasury professionals show different strengths. Some focus on streamlining processes and ensuring compliance, while others prefer to build models or discuss priorities with colleagues. This mix of structure, analytical thinking, and collaboration is what makes treasury work effective.

Learning by Doing

Most participants said they learn new technologies best by applying them directly. They are curious, hands-on, and open to exploring new ways of working. This approach helps them stay open and ready in a field that never stands still.

The Skills That Matter Most

• Precision and process focus
• Strong data and analytical capabilities
• Collaboration and clear communication

The future of treasury depends on the partnership between people and technology. AI can process large amounts of data, but humans turn insights into action. Those who can combine technical understanding with strategic thinking will not just adapt to the future of treasury but help shape it.

Many corporates now understand the value of external recruitment expertise. That is a positive development. However, some companies take it too far by assigning the same vacancy to multiple agencies at the same time.

Although this may seem like a smart way to increase reach and speed, it often leads to inefficiency, confusion, and damage to the employer brand.

Reasons why this approach is counterproductive:

1. Candidate Overload

When multiple agencies approach the same candidate for the same role, it creates noise. Candidates may feel overwhelmed or question the professionalism of the hiring company. In some cases, they may withdraw from the process entirely.

2. Loss of Control

With several agencies involved, there is no central coordination. This leads to inconsistent messaging and a fragmented candidate experience. The company loses control over how its brand is represented in the market.

3. Representation Conflicts

A candidate can only be officially represented by one agency. When multiple agencies reach out, disputes arise over who introduced the candidate first. This causes delays, administrative issues, and frustration for all parties.

4. Lower Commitment from Agencies

Agencies that know they are competing for the same role are less likely to invest time in understanding the company and its needs. They focus on speed rather than quality, and may assign less experienced consultants to the task.

5. Higher Costs in the Long Run

If multi-agency searches become standard, agencies will need to increase their margins to cover the risk of unpaid work. This leads to higher costs for the client, without a guarantee of better results.

6. Exclusivity Builds Partnership

Choosing one agency and giving them a short exclusive period, for example two weeks, encourages commitment and quality. The agency will invest time, communicate clearly, and represent the company professionally. If the agency does not deliver, the company can always reassess and choose another partner.

In recruitment, more is not always better. Strategic exclusivity leads to better results, stronger relationships, and a more professional candidate experience. Companies should take the time to select the right partner, and give them the space to deliver.

Lately, I keep getting the same question from my interim pool: “How is the market?”

At first glance, it might look like we have been quiet. But the truth? Far from it. With over 250 treasury professionals in our network, and up-to-date info on their skills and availability, I usually already know who fits a role before it even hits the public channels.

During an intake, I rarely spend time on slides or job postings. I pick up the phone, call the right candidates, and fill the role efficiently. That is why our assignments are often fulfilled faster than you would expect.

A few roles we have placed in the past few weeks: Interim Treasury Analyst, Interim Treasury Specialist, Interim Part-Time Group Treasurer, Interim Financial Risk Specialist, Interim Treasury Director, and so on.

Takeaway: Candidates, stay in touch to stay top-of-mind. Employers, if you need a temporary treasurer quickly, you know exactly where to turn.

Over the past six months, I have been sharing weekly talent spotlights on my page and on Treasurer Search’s page. If you would like to get a feel for the types of profiles we typically work with, have a look.

When treasury talent is discussed, the spotlight usually falls on senior experts with long track records. But there is another group that often gets overlooked: junior treasury professionals. These are the analysts, assistants and consultants at the start of their careers. They may not have decades of experience, but their adaptability, curiosity and digital skills make them an asset to any treasury team.

Who Are Junior Treasury Professionals?

By “junior”, we mean professionals with around one to three years of experience in treasury, financial operations, corporate finance, or related areas. Their work often includes:

• Monitoring and forecasting cash flows
• Preparing reports and analyses
• Supporting treasury systems
• Liaising with banks and colleagues

They are still developing their expertise, but that is exactly what makes them valuable. They are flexible, eager to grow and open to new ways of working.

Why They Add Value

• Adaptability and willingness to learn – Because they are still shaping their professional paths, junior treasurers are quick to adjust to new processes and tools. They are less likely to be bound by habits and more willing to accept and lead change. This is particularly useful in treasury, where regulations, technologies, and work models are constantly evolving.
• Comfort with technology – Having been trained in digital environments, many juniors are already familiar with treasury management systems, data tools, and dashboards. They often have practical skills in automation and data visualization, which can help teams adopt new systems more efficiently.
• A fresh perspective – Because they have not spent years in the same processes, juniors are often able to identify inefficiencies or question routines that have long gone unchallenged. Their curiosity and willingness to propose new ideas can lead to more effective processes, improved reporting, or even new approaches to risk management.

Junior treasury professionals might not always be in the spotlight, but their contribution is important. With their energy, ideas and digital know-how, they strengthen treasury teams today and help prepare them for the future.

In our work, we are in constant contact with corporate treasury teams in transition: building, downsizing but most definitely also TMS and other technology implementations. TMS vendors and treasury consultants do a great job driving innovation and we are happy we can also help them finding their right staff members.

Sometimes we encounter a situation where, after the implementation, only a small portion of the solution is used. Also we hear corporates who simply cannot find the budget for both the license cost as well as the implementation.

This is to inform you about a “non-standard” solution that worked well with a few of our clients:

The standard solution 

A corporate asks a treasury consultant to support in a vendor selection and asks the same consultant to do the implementation afterwards. It also happens often that the vendor screening is done by the corporate and the vendor also implements or suggests an implementation consultant. There are pros and cons in working this way but for many results are fine.

The non-standard way

I mentioned tackles, to a certain extent, cost and making the most of the software you bought. The idea is quite simple: instead of letting externals assume the role of both project leader as well as content matter expert, the own treasury staff takes as much of these roles as possible. The work they cannot do, because they have to invest time in the implementation, is covered by operational, relatively cheap interim treasury support.

Of course most corporate treasurers do not have expertise at the level of vendors or consultants but with their help, leading the project, they will have to learn more, feel more ownership and use the solution better. It would also be naïve to assume that treasurers, on average, have the same project management skills as consultants have, but many of them can get the job done at substantially lower cost.

We constantly keep an eye open for who is available, especially for interim assignments. Finding candidates who can do the operational and are available on interim basis is not easy but our network is there for you.

We look forward to your call!

As recruiters, we are regularly approached by candidates who need help with their career planning. Some people know from an early age exactly what they want to become when they are older, while others need more time exploring their interests, skills, personality and values to decide which path to take.

This process can be complicated – where do you start? Thankfully, there are great tools available to help you make a strategic plan to reach your career goals. One of them is the SWOT analysis, a marketing tool that can also be projected on the labour market. In this article, I will discuss how you can use this tool to “find your bliss.”

What is a SWOT Analysis?

A SWOT analysis is a strategic planning tool that can also be applied to career planning. After you have identified your career goals, this tool can help you:

• Organise, visualise, and evaluate internal and external factors
• Examine your Strengths and Weaknesses (internal environment)
• Assess Opportunities and Threats (external environment)

How to Perform a Personal SWOT Analysis

1. Strengths

Your strengths are internal positive aspects that you control and that make you stand out in your field. Ask yourself:

• What do other people view as your strengths?
• What skills, abilities, knowledge, education, certifications or connections do you have that others don’t?
• What activities make you happy in your job, and why? (There is a strong correlation between what you like and what you are good at.)
• Which professional achievements are you most proud of, and which of your qualities contributed most to this success?
• Do you have a strong network? Are there people in your network who can give you advice?

2. Weaknesses

Weaknesses are internal negative aspects that you control and can improve (or avoid in your next career step). Examining weaknesses can be uncomfortable, but to make a successful SWOT analysis, it’s vital to be as objective as possible. Sometimes others notice things you might be blind to – asking colleagues for feedback can help. Consider:

• What do other people view as your weaknesses?
• Are there gaps in your education, skills, or training?
• Which activities make you insecure or do you avoid, and why?
• What are your worst work habits? (e.g. lateness, disorganisation, short temper, difficulty prioritising, poor stress management)

3. Opportunities

Opportunities are positive external conditions you do not control but can take advantage of. Ask yourself:

• What does the market look like? Are there positive trends in your field (growth, globalisation, new technology)?
• Could enhancing your education create new opportunities?
• Is there an unmet need in your company or industry?
• Are there new technologies you can learn to improve your performance?
• Has your company started new initiatives or projects you could join?
• Can you take on more responsibilities aligned with your career goals?

4. Threats

Threats are negative external conditions that you cannot control but may be able to mitigate. Reflect on:

• Is your company or industry struggling in the current economy?
• Are jobs in your field declining?
• Are you encountering significant obstacles at work?
• What does the competition look like? Do they have skills, knowledge, or education you don’t? (For example, an influx of foreign workers with strong education and lower income expectations.)
• Is demand for your skills declining? Are technological advances changing your job in a negative way?

Putting It All Together

Once you have answered these questions and written them down, the analysis will give you a realistic view of your situation. You will see:

👉 What strengths you can capitalise on
👉 What weaknesses you need to improve or avoid
👉 Which opportunities align with your strengths
👉 Which threats you should avoid or mitigate

Next Steps

A SWOT analysis is only the beginning of career planning. After completing it, ask yourself:

What direction do I want to take?
What steps are needed to get from where I am now to where I want to be?

Tools that can help:

Gap analysis – to develop a practical action plan.
Personal marketing plan – to position yourself effectively in the job market.

Final Note

I hope this will give you some guidance in your career planning. By using a SWOT analysis, you can approach your next career move with clarity and strategy.

You have probably noticed it: big corporate HR teams are now throwing around words like machine learning, predictive analytics, and AI-powered talent pipelines.
Some even look at you like, “Thanks, but we have got ChatGPT now. We will find our own people.”.

Cue the collective sigh from agencies everywhere. Are we still relevant? Do we even have a seat at the table anymore? Spoiler alert: Yes. Absolutely. 100%. But our role is changing, and that is actually a good thing.

1. AI can find skills. You can find the person.

AI is great at scanning résumés and spitting out a list of “qualified” candidates. But here is the thing: Treasury is not just about ticking boxes for cash management, FX, or liquidity risk.

It is about finding someone who can handle a surprise board meeting and explain why the overnight cash position is not where it should be, without breaking into a cold sweat.

You know those nuances. AI… not so much.

2. Your network is not in any database

Corporate HR may have LinkedIn Recruiter. You have warm, actual human relationships.

That senior Treasury professional who swore they would “never leave” two years ago? They might tell you over coffee that they are… let us just say, open to interesting offers. AI can’t eavesdrop on those conversations (and thank goodness for that).

3. You are not just a recruiter, you’re a market insider

Treasury salaries creeping up? Certain skills suddenly in demand? You can guide clients on pay, benefits, and how to make a role irresistible to top talent. Corporate HR teams love that kind of insider intel, it makes them look good internally.

4. Cultural fit still matters

Sure, AI can match hard skills. But can it tell if someone will mesh with the CFO who is allergic to PowerPoint animations? Or whether they will survive in a “meeting-heavy” culture without plotting an escape?  That is where your read on human dynamics beats algorithms every time.

5. Discretion is your superpower

Some roles are sensitive. Maybe the current Group Treasurer does not know they are being replaced. Maybe the company does not want the competition sniffing around.
Corporate HR can’t always do a quiet search, you can.

The Big Takeaway:

AI can make recruiting faster, but it cannot replace the trust, judgement, and deep market expertise of a niche recruiter. The clients who get that will keep calling you, not because you have the fanciest tech, but because you know their market, their people, and the unspoken rules that make great hires happen.

So, to every recruiter feeling the “AI squeeze” right now:
Pour yourself a coffee, remind yourself you bring something no algorithm can, and keep doing what you do best. After all, machines might be smart, but they still can’t network over lunch.

When you are actively job hunting, it is easy to lose track of where you have applied, especially if you are sending out several applications in a short time. But staying organised is not just a nice-to-have, but it is key to making a professional impression.

My colleagues and I often see candidates apply multiple times for the same role (once directly and once via a recruiter). While the intention might be good, it sends the wrong signal. To hiring managers, it may look like you are not paying attention or not that interested in their specific role.

Why Double Applications Hurt Your Chances

Applying twice for the same role might seem harmless, but it raises red flags. It shows:

• You are not keeping track
• You might be sending your CV without real interest
• You are possibly ignoring instructions from recruiters or the company
• Hiring managers want to feel like you are applying for their role, on purpose.

For many of you, this blog might come across as stating the obvious. As recruiters, we, on a regular basis, receive “double applications” and think this does not reflect well on the candidate.

To help you stay on top of your job search (and avoid common mistakes), here are some practical tips you can start using right away.

Focus on quality over quantity

Before we even get to tracking: simplify your process. Only apply for roles where you are truly qualified and tailor your application to each position. It is better to send 5 strong applications than 20 generic ones.

You can do this by personalising each CV and Cover letter based on the job description.

Create a spreadsheet

Whether you prefer Excel, Google Sheets, Word, or even a notebook, the key is to track every application you send. Here’s what to include:

• Company Name
• Job Title
• Job URL
• Print Screen / Copy of the Job Description
  💡 Tip: Job ads sometimes disappear. Save a copy in a dedicated folder on your laptop or cloud drive.
• Application Date
• Application Summary (e.g. CV + cover letter + other materials submitted)
• How You Applied (direct, recruiter, job board, etc.)
• Recruiter’s or Contact Person’s Name
• Contact Details (email, phone)
• Follow-Up Date (if you haven’t heard back after 10-14 days)
• Interview Details (date, time, names of interviewers)
• Current Status (e.g. awaiting reply, rejected, next interview)
• Additional Notes (Here you can keep track of any special circumstances around any of your applications)

Save and Organise Your Documents

Do not just track the applications, make sure your documents are organised. Create a folder structure with: saved job descriptions, customised CVs, cover letters, Interview notes.

Final Thoughts: Stay Sane, Stay Strategic

We know job hunting can feel overwhelming, especially in a tough market. But treating it like a project and staying organised will help reduce stress, avoid mistakes, and increase your chances of success.

✔️ Plan your actions
✔️ Track your progress
✔️ Follow up professionally

Good luck in your search! And if you are exploring treasury roles, we would be happy to support you. Get in touch with us or check out our latest vacancies.