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Swift puts the squeeze on Sibos-goers with steep price hikes for 2010

15 December 2009  |  10930 views  |  4 Lazaro

International banking network Swift is imposing substantial price hikes on delegates and exhibitors attending its annual Sibos event in 2010, in a move it says will align the pricing "with the event's market position and value".

The new pricing regime will come as a shock to market participants after Swift effectively froze prices for this year's event in Hong Kong and cancelled its traditional end-of-event party in reponse to the global economic crisis.

Under the revised pricing structure, delegates attending next year's show in Amsterdam will be charged EUR2800 for a week-long pass, a 27% price hike over the EUR2200 fee for Hong Kong. Day passes to the event have also been adjusted upwards to EUR950 from EUR810 (with lunch) in 2009.

The 200+ banks and technology companies exhibiting at the event will also be expected to dig deeper to fund their presence in Amsterdam. In Hong Kong, EUR13,500 would have paid for a 24 sqm unit and four delegate passes. In Amsterdam, the equivalent space will be charged out at EUR14,000 and will include just three free delegate passes, representing a 24% increase year-on-year. The cost of housing a stand partner is also up from EUR2000 to EUR2500.

The banking co-operative says the new pricing structure follows a comprehensive benchmarking exercise to review Sibos in the context of 19 other industry events.

In a statement, Swift says: "The review confirmed that the value of Sibos to its participants is significantly higher than other industry conferences, whilst the cost of participation is significantly lower."

Under pressure from its users to bring message costs down while contending with declining traffic volumes, Swift has set its sights on stripping EUR90 million out of its overall running costs and improving efficiency levels by 30% in 2010, compared to 2008.

Comments: (4)

Elizabeth Lumley
Elizabeth Lumley - Girl, Disrupted - Crayford | 15 December, 2009, 13:51

Swift tweeted about this today as well, claiming that "96% of 2009's participants recommend that you attend next year: http://tinyurl.com/ycc5zbn."

Hmmmmm...?

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Toby Corballis
Toby Corballis - Rapid Addition - London | 15 December, 2009, 14:14

I was at SIBOS in Hong Kong and dutifully filled in the post event questionnaire. Whilst it did ask whether I would recommend that people attend next year, it didn't say "... if the price was significantly more", which it is; so I wont :)

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A Finextra member
A Finextra member | 15 December, 2009, 18:40

Are they living in the real world? Once again SWIFT shows itself oblivious to the needs of the industry. A survey with loaded questions to get the answer SWIFT wish is not a great way of benchmarking the market. It will not be a suprise if attendences are hit with Banks having to cut costs and reduced budgets already hurting software vendors.

Its more likely that e-advertising will become more attractive to vendors along with more foccussed smaller events that provide more measurable returns. Fact

 

Gary

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Keith Richbell
Keith Richbell - eftpos Payments Australia Ltd. (ePAL) - Sydney | 15 December, 2009, 20:52

This has got to be hoot number one in my book. SIBOS has evolved over the years from being a simple networking jolly in the beginning, to being a real voice of the payments industry during the 90's. In the past decade however the event has drifted on a downward spiral to become little more than a trade show with limited thought leadership. My last event was Boston in 2007 and I vowed then I would never waste my time attending another one unless radical changes were introduced. So SWIFT, increase your prices all you want - but you won't attract industry leaders because your event is no longer relevant.

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