Swift passes two billion message milestone

Swift passes two billion message milestone

Yearly traffic on Swift's FIN interbank payment messaging network surpassed two billion messages on 22 December 2003, doubling in volume since hitting the one billion mark in 1999.

The FIN service is used by over 7500 financial institutions in 200 countries to exchange financial data securely.

Leonard Schrank, CEO of Swift, says messaging volume on the network has more than quadrupled in the last ten years.

Swift's head of pricing, André Boico, forecasts that Swift will hit a new daily peak of 10 million messages within a matter of days and that the ramp up of SWIFTNet FileAct and InterAct in 2004 will increase traffic on the FIN service by 12 million messages a day.

Seperately, Swift has signed an agreement with Banque Centrale du Luxembourg to implement the SwiftNet Browse solution for the 31 clearing banks using the national Real-Time Gross Settlement System (Lips-Gross). The Browser Participant Workstation offers a modern interactive interface to RTGS users and is a product option of Logica’s LCSS/CAS Real Time Gross Settlement (RTGS) system. The Lips-Gross system will go live with SwiftNet Browse in June 2004.

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