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  • Swift to give 10% rebate on 2015 messaging
08.01.16

Swift to give 10% rebate on 2015 messaging

Recourse: https://ibsintelligence.com/market-news/

SWIFT will give a 10% rebate on 2015 messaging fees, returning about €32 million to its users around the world.
The rebate will be paid in March 2016 and is part of SWIFT’s new strategic five-year plan, SWIFT 2020, designed to provide investment and growth for its core messaging platform.

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’.
This is the fourth strategic pricing plan SWIFT has introduced to the community in the last 15 years.
Francis Vanbever, CFO at SWIFT adds that the 10% rebate comes on top of the 2015 discount for high volume connections, which was estimated to have totalled €30 million.
He says: ‘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 five-year period reached 57%.’
The 57% price reduction was pledged by SWIFT at the opening of last year’s Sibos – its annual conference – in Singapore.
In 2015, SWIFT increased its FIN (core store-and-forward messaging service) traffic by 8.4%, ending the year with a new high of 6.1 billion messages. During the year, InterAct traffic grew by 27.3% and FileAct by 3.7%.
InterAct lets ‘institutions and communities exchange messages in an automated and interactive way – an application sends a request message to another application and receives an immediate response message’.
FileAct ‘allows secure and reliable transfer of files and is typically used to exchange batches of structured financial messages and large reports’.