SWIFT delivers messaging rebate 06 January 2015Brussels Reporter: Stephanie Palmer
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SWIFT has announced a 10 percent rebate of messaging fees, which will return about €30 million to its users.
The rebate is on top of other structural price reductions scheduled for 2015, and will be paid in early March.
SWIFT’s FIN messaging service connects 8,300 institutions across 200 countries, allowing them to exchange financial data securely and striving for cost efficiency and reliability.
In 2014, FIN messaging traffic increased by 10.95 percent, reaching a record of 5.6 billion messaging processed. Levels peaked on 30 September 2014 when it processed 26 million messages.
SWIFT chairman Yawar Shah said: “Strong traffic growth combined with innovative operational efficiencies enables SWIFT to give back to its user community.”
“In addition to the 10 percent rebate, SWIFT users have also realised additional cost savings in the form of substantial structural price reductions. It is through these strategic pricing programmes that SWIFT will continue to reduce costs for its customers.”
Additional changes include a 20 percent reduction in the price of FIN messages, which could save up to €52 million for customers, and extra discounts for high-volume bilateral connections, which could save customers up to €26 million.
Francis Vanbever, SWIFT’s chief financial officer said: “In 2010, SWIFT set out a multi-year strategy to cut message prices in half by 2015. We achieved this goal one-year ahead of schedule.”
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