More NewsNew Fixed Fee Pricing Option in Sight for High Volume SWIFT Customers

New Fixed Fee Pricing Option in Sight for High Volume SWIFT Customers

SWIFT is changing its approach to pricing to reflect the diversity of its customer base. Effective 1 January 2008, high-volume customers can opt for a fixed fee pricing scheme for messaging. In addition, a 15% rebate and a 5% reduction will apply to all SWIFT customers for FIN messaging. This comes on top of the 10% price reduction granted in 2007. These pricing actions are designed to reflect SWIFT’s commitment to help its customers maximise their investment in SWIFT by lowering the total cost of usage. Customers can now opt for a three-year fixed fee contract. The fixed fee will be equivalent to 95% of the messaging charges paid by the customer for the previous 12 months and will include an entitlement to increase messaging usage by 50% in value at no additional cost. High-volume customers currently account for nearly 80% of all messaging traffic exchanged over SWIFT. This new model provides significant cost savings, and meets customer requests for cost predictability. All customers will benefit from an overall price reduction of 5% for FIN messages. This reduction comes on top of a 6% price reduction in January 2007 and a 4% reduction in July 2007, representing a total reduction of 15% since January 2007. In addition and for the sixth year running, the SWIFT board has approved a rebate. This 15% rebate will amount to €55m and applies to all messaging services. The rebate will be credited in January 2008.

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