Swift announced today that the Board has approved new price reductions worth MEUR 8 for the remainder of 2007.
This new initiative, made possible by record traffic growth, benefits all segments of the SWIFT community. It includes a 4% reduction on FIN messaging to build on the 6.4 % reduction introduced in January 2007, as well as the cancellation of entry and other administration fees to lower costs for new and existing customers.
The following price reductions will take effect from 1 July 2007:
- SWIFTNet FIN non-reporting: reduction of domestic and intra-institution prices ranging from 4% to 12%;
- SWIFTNet FIN reporting: prices for international traffic are aligned with domestic and intra-institution traffic fees, complemented by an overall reduction of 5%;
- Messaging discount for high volume users: a new discount on messaging fees ranging from 10% to 25% for institutions reaching annual messaging thresholds above MEUR 20;
- One-time entry fees to SWIFT are cancelled;
- Market Infrastructure and Member-Administer Closed User Group annual administration fees are removed.
Francis Vanbever, CFO, SWIFT said, "Overall this will result in MEUR 8 in savings for our community for the second half of 2007. This demonstrates SWIFT's commitment to continuous price reductions. Since July 2006, message prices have decreased by 19%. We recognise the importance of lowering barriers to entry and reducing pricing to maintain our competitive position."