SWIFT has announced a 10% rebate on 2014 messaging fees which will return more than €30m to SWIFT users worldwide. The financial messaging services provider added that the rebate will be paid in early March 2015.
“Strong traffic growth combined with innovative operational efficiencies enables SWIFT to give back to its user community,” said Yawar Shah, chairman, SWIFT. “In addition to the 10% 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.”
“This rebate comes on top of the structural price reductions we announced in 2014,” added Francis Vanbever, SWIFT’s chief financial officer (CFO). “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.”
Highlights of the 2014 price reductions include:
- An average 20% price reduction for FIN messages, generating €52m in savings for customers.
- Increased discounts for high volume bilateral connections, yielding €26m in cost savings to customers.
In 2014, FIN traffic increased by 10.95%. SWIFT recorded its latest traffic peak day on 30 September, when it processed 26m FIN messages. SWIFT ended the year with a record 5.6bn messages.
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