SWIFT Announces Major Price Reductions
At its annual SIBOS convention SWIFT has announced a comprehensive set of price reductions for SWIFTNet InterAct, FileAct and Browse as well as a further reduction on SWIFTNet FIN prices, bringing the total reduction to 10 per cent compared to FIN over X.25. Additionally, for the 2003 billing period, SWIFT announced an eight per cent rebate totalling EUR 25 million for all FIN users. SWIFT also introduced new introductory pricing packages that will substantially lower the cost of entry for small users, according to the messaging provider. Commenting on the announcement, SWIFT CEO Leonard H. Schrank said: ‘This is probably the biggest pricing initiative we have taken since 1996 when we cut FIN prices by 30 per cent. That unlocked a surge of new business and we are optimistic that these pricing initiatives will have a similar impact. Members migrating to SWIFTNet FIN will get an immediate reduction of 10 per cent on average. The EUR 25 million rebate will go a long way to mitigating some of the concerns raised about the one time cost of migrating to SWIFTNet.’ Separately, the first wave of customers to pilot the SWIFTNet solution for funds has been announced. The offering will facilitate standardisation and automation in the Asia Pacific and European investment fund markets. Banca Intesa, Bank of Ireland Securities Services, Barclays Global Investors, BNP Paribas Securities Services, Citco Bank, SEB and UniCredito Italiano have confirmed their intention to pilot the service, which will be launched in Q3 2004.