SWIFT users to get €32m rebate for 2015

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SWIFT will give a 10% rebate on 2015 messaging fees, returning approximately €32m to the financial messaging service’s users around the world this March.

“This year’s rebate is a reflection of SWIFT’s continued commitment to the global banking community,” said SWIFT chairman Yawar Shah. “In addition to the 10% rebate, SWIFT users will also realise additional cost savings over the next five years in the form of new structural price reductions.

“It is through these strategic pricing programmes that SWIFT continues to reduce costs for users and return the benefits of its economies of scale.”

“The 10% rebate comes on top of the 2015 discount for high volume connections, which we estimate to have totalled €30m,” added Francis Vanbever, chief financial officer (CFO) at SWIFT.

“In 2010, SWIFT set out a multi-year strategy to cut message prices in half by the end of 2015. We already reached our price reduction commitment at the end of 2014, one year ahead of schedule. By the end of 2015, the total price reduction over the five-year period reached 57%.”

SWIFT said that in 2015 it increased its FIN traffic by 8.4%, ending the year with a new high of 6.1bn messages. During the year, InterAct traffic grew by 27.3% and FileAct by 3.7%.

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