Financial message provider SWIFT has announced major structural price reductions for 2014 to the entire SWIFT community of more than 10,000 international financial institutions (FIs) worldwide.
Speaking at the Sibos 2013 conference in Dubai, SWIFT chairman Yawar Shah said the new pricing plan will take effect on 1 January 2014 and is designed to reflect the spirit of the international co-operative and to encourage additional traffic volume growth. It will reduce FIN message prices by 20% and will pass on €52m in savings to all users.
SWIFT described the reductions as “part of a bold strategy” that it set out back set in 2010 to reduce its message prices by half by 2015.
“I am very pleased to be able to offer even lower prices to our community from 2014” said Gottfried Leibbrandt, chief executive officer (CEO) of SWIFT.
“Through a combination of innovative operational efficiencies and healthy volume growth, we are able to pass on savings to members in the form of this substantial structural price reduction. We believe this achievement confirms SWIFT as the preferred messaging partner to financial institutions worldwide”.
Other of the main pricing actions for 2013-14 include an increased discount for high volume bilateral links; the fixed fee programme for large users will continue to offer substantial discounts and upgrades and replacement programme for Hardware Security Modules will be provided free of charge or with substantial discounts to all SWIFT members.
SWIFT added that year-to-date average FIN traffic growth is above 10%. SWIFT recorded its latest traffic peak on 28 June 2013, when it processed 22.35m FIN messages.
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