SWIFT announces 10% rebate on 2015 messaging
2015 rebate returns EUR32 million to SWIFT users worldwide
Brussels, 6 January 2016 - SWIFT announces a 10 percent rebate on 2015 messaging fees, returning approximately EUR32 million to SWIFT users around the world. The rebate will be paid in March 2016.
"This year's rebate is a reflection of SWIFT's continued commitment to the global banking community," said SWIFT Chairman Yawar Shah. "In addition to the 10 percent rebate, SWIFT users will also realise additional cost savings over the next five years in the form of new structural price reductions. It is through these strategic pricing programmes that SWIFT continues to reduce costs for users and return the benefits of its economies of scale."
"The 10 percent rebate comes on top of the 2015 discount for high volume connections, which we estimate to have totalled EUR30 million," added Francis Vanbever, CFO at SWIFT. "In 2010, SWIFT set out a multi-year strategy to cut message prices in half by the end of 2015. We already reached our price reduction commitment at the end of 2014, one year ahead of schedule. By the end of 2015, the total price reduction over the 5-year period reached 57 percent."
In 2015, SWIFT increased its FIN traffic by 8.4 percent, ending the year with a new high of 6.1 billion messages. During the year, InterAct traffic grew by 27.3 percent and FileAct by 3.7 percent.
Notes to editors:
SWIFT's new strategic five year plan, SWIFT2020, challenges SWIFT to continue investing in the security, reliability and growth of its core messaging platform, while making additional investments in existing services and delivering new and innovative solutions. An additional part of this plan is the new long-term, structural price reduction programme that will be put in place in January 2016. This is the fourth strategic pricing plan SWIFT has introduced to the community in the last 15 years. The new plan calls for a 30-45% price reduction by the end of December 2020, taking into account the necessary investments to grow the business.
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,800 banking organisations, securities institutions and corporate customers in over 200 countries and territories. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.
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