More NewsSWIFT to Rebate €33m to Users for 2013

SWIFT to Rebate €33m to Users for 2013

Global financial messaging cooperative SWIFT announced a 10% rebate to users on 2013 messaging fees, which will return approximately €33m. The rebate will be paid in March.

“Through a combination of innovative operational efficiencies and robust volume growth, SWIFT continues to pass on savings to users in the form of substantial structural price reductions.” said its chief executive officer (CEO) Gottfried Leibbrandt. “We believe that our commitment to long term price reductions confirms SWIFT as the preferred partner for financial messaging worldwide”.

“This rebate, together with the structural price reductions already announced for 2014, is part of the multi-year strategy set out by SWIFT in 2010 to reduce message prices by half by 2015. We are on target to achieve this goal” added Francis Vanbever, SWIFT’s chief financial officer (CFO).

Highlights of the main pricing actions in 2013-14 include:

  • An average 20% price reduction for FIN (SWIFT’s core store-and-forward messaging service) messages. The reduction, announced last September and effective 1 January 2014, will generate €52m in annual savings to customers.
  • Upgraded hardware security modules are being provided with substantial discounts, to all SWIFT customers.
  • Increased discounts for high volume bilateral links.
  • A fixed fee programme for large users will continue to offer substantial discounts.
  • Reductions of up to 40% for the transmission of very large files.

Full-year 2013 FIN traffic growth is above 10%. SWIFT recorded its latest traffic peak on 20 December, when it processed 22.68m FIN messages. Full-year 2013 growth for the FileAct automated messaging service stands at 49% and InterAct is at 17%.

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