What
BAI2 is a US cash-management file with account trailers and control totals. MT940 is a SWIFT customer statement used globally, without those trailers. camt.053 is ISO 20022 XML, often the European successor to MT940, with structured parties and references.
Why
The format decides which converter to open and which integrity check is even possible. BAI2 can fail its own trailers. MT940 can only be checked against the closing balance it states. camt.053 can carry references that make a later recon cheaper if you keep them.
Picking the wrong converter wastes a close cycle: a BAI2 dropped on the MT940 parser will not become rows.
How
All three can be converted to CSV or Excel on F20 FinanceOps. The same balance tie-out runs on each: opening plus net movement against the closing balance the file declared. After conversion, check data quality, then reconcile to a cash book.
Use the comparison only to identify the file. Then open the matching converter, not a generic upload.