More NewsSWIFT Announces 2004 FIN Rebate

SWIFT Announces 2004 FIN Rebate

At its SIBOS conference in Atlanta, US, SWIFT announced a 10 per cent rebate on 2004 FIN messaging usage and confirmed the community is on track for a successful SWIFTNet migration. The 10 per cent rebate on 2004 FIN traffic is expected to yield a rebate of approximately EUR 33 million, bringing SWIFT rebates to EUR 73 million in the 2002-2004 period. The company has reiterated its commitment to cutting prices still further – and says it is on target to half prices over the 2002-2006 period. SWIFT is also closing in on the final lap of the SWIFTNet migration. To date, 95 per cent of all customers and 85 per cent of all FIN traffic has migrated to SWIFT’s IP-based messaging platform, SWIFTNet. Penalties for late X.25 decommissioning are now in force.

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