SWIFT cuts FIN message prices by 20% effective 1 January 2014

SWIFT eyes message prices to be cut by half by 2015.

Speaking at Sibos, SWIFT Chairman Yawar Shah announced major structural price reductions for 2014 to the entire SWIFT community of more than 10,000 international financial institutions world-wide.

The new pricing plan will take effect on 1 January 2014 and is designed to reflect the spirit of the international co-operative and to encourage additional traffic volume growth. It will reduce FIN message prices by 20% and will pass on EUR 52 million in savings to all users. It is part of a bold strategy set out by SWIFT in 2010 to reduce its message prices by half by 2015.

“I am very pleased to be able to offer even lower prices to our community from 2014” says Gottfried Leibbrandt, CEO SWIFT.

“Through a combination of innovative operational efficiencies and healthy volume growth, we are able to pass on savings to members in the form of this substantial structural price reduction. We believe this achievement confirms SWIFT as the preferred messaging partner to financial institutions worldwide”.

Highlights of the main pricing actions in 2013-2014 include:
· Average price reduction for FIN messages will be 20%

· EUR 52 million in savings to customers in 2014

· Increased discount for high volume bilateral links

· Fixed fee programme for large users will continue to offer substantial discounts

· Upgrades and replacement programme for Hardware Security Modules will be provided free of charge or with substantial discounts to all SWIFT members

“Over the years, by focusing on costs and efficiency, we have been able to deliver sustained cost reductions to members. These have been essential to maintain our competitive position and continue growing our traffic in an uncertain economic environment. The 2014 price reduction is the second major price decrease in 3 years.” explained Francis Vanbever SWIFT’s CFO.

Year-to-date average FIN traffic growth is above 10%. SWIFT recorded its latest traffic peak on 28 June 2013, when it processed 22.35 million FIN messages.

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