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SWIFT to reduce prices in 2014

20% reduction to save customers €52 million

SWIFT to reduce prices in 2014

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

The new pricing plan will take effect Jan. 1 and is designed to reflect the spirit of the international co-operative and to encourage additional traffic growth. It will reduce FIN message prices by 20% and will pass on  €52 million in savings to all users. It is part of a strategy set out by SWIFT in 2010 to reduce its message prices by half by 2015. [Note: FIN is the major financial message type for SWIFT members worldwide. SWIFT processes more than 5 billion FIN interbank messages securely and efficiently each year.]

"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%.
  • €52 million in savings to customers in 2014.
  • Increased discount for high volume bilateral links.
  • Fixed fee program for large users will continue to offer substantial discounts.
  • Upgrades and replacement program 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 three years," says Francis Vanbever SWIFT's CFO.

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

Sustained cost reductions for all SWIFT members over twenty years:

John Ginovsky

John Ginovsky is a contributing editor of Banking Exchange and editor of the publication’s Tech Exchange e-newsletter. For more than two decades he’s written about the commercial banking industry, specializing in its technological side and how it relates to the actual business of banking. In addition to his weekly blogs—"Making Sense of It All"—he contributes fresh, original stories to each Tech Exchange issue based on personal interviews or exclusive contributed pieces. He previously was senior editor for Community Banker magazine (which merged into ABA Banking Journal) and for ABA Banking Journal and was managing editor and staff reporter for ABA’s Bankers News. Email him at [email protected]

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