SWIFT customers to get 10% rebate

Good news for SWIFT users: the company has announced plans to give a 10% rebate on its 2014 messaging fees – a total of more than €30m, according to SWIFT.

The decision comes in addition to scheduled price reductions that will see the cost of FIN messages drop by 20% as well as substantial savings in high value bilateral connections. Rebates will be issued by March.

“Strong traffic growth combined with innovative operational efficiencies enables SWIFT to give back to its user community,” commented SWIFT’s Chairman, Yawar Shah, in a statement. “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,” added Francis Vanbever, CFO of 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.”