SWIFT announces a 10 percent rebate on 2014 messaging fees which will return more than EUR 30 million to SWIFT users worldwide. 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,” says Yawar Shah, Chairman, SWIFT. “In addition to the 10 percent 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,” adds Francis Vanbever, CFO, SWIFT. “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 percent price reduction for FIN messages, generating EUR 52 million in savings for customers; and
- Increased discounts for high volume bilateral connections, yielding EUR 26 million in cost savings to customers.
In 2014, FIN traffic increased by 10.95 percent. SWIFT recorded its latest traffic peak day on 30 September 2014, when it processed 26 million FIN messages. SWIFT ended the year with a record 5.6 billion messages.