SWIFT announces 10% rebate on 2014 messaging
2014 rebate returns more than EUR 30 million to SWIFT users worldwide.
Brussels, 6 January 2015 - SWIFT announces a 10 percent rebate on 2014 messaging fees which will return more than EUR 30 million to SWIFT users worldwide. The rebate will be paid in early March 2015.
"Strong traffic growth combined with innovative operational efficiencies enables SWIFT to give back to its user community," says Yawar Shah, Chairman, SWIFT. "In addition to the 10 percent rebate, 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," adds Francis Vanbever, CFO, 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."
Highlights of the 2014 price reductions include:
- An average 20 percent price reduction for FIN messages, generating EUR 52 million in savings for customers; and
- Increased discounts for high volume bilateral connections, yielding EUR 26 million in cost savings to customers.
In 2014, FIN traffic increased by 10.9 percent. SWIFT recorded its latest traffic peak day on 30 September 2014, when it processed 26 million FIN messages. SWIFT ended the year with a record 5.6 billion messages.
Notes to editors:
In 2010, SWIFT made a commitment to reduce its messaging prices by 30-50 percent over a five year period, a goal the company set as part of its SWIFT2015 strategy. In 2014, SWIFT achieved the high-end of its commitment one year ahead of schedule, delivering a 50 percent reduction in messaging prices to the SWIFT community.
SWIFT started its price reduction efforts in 1996 with a 30 percent decrease in messaging prices. Since 2001, these efforts have been greatly enhanced through formal price reduction commitments and tighter cost controls. The 2010 price commitment represented the third strategic cycle of substantial price reductions SWIFT has implemented; so far the cycles have delivered in an 88 percent decrease in SWIFT messaging prices. The two previous strategic pricing plans each committed SWIFT to a 50 percent decrease in messaging prices over the five-year life of each plan. Both these commitments were met on time.
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,500 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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