Swift Announces Fee Rebate

Terry Flanagan

Swift, the financial messaging company, has announced a 10% rebate on 2013 messaging fees which will return approximately EUR 33 million to users worldwide. The rebate will be paid in March 2014.

“Through a combination of innovative operational efficiencies and robust volume growth”, said Swift CEO Gottfried Leibbrandt. “Swift continues to pass on savings to users in the form of substantial structural price reductions. In addition, for 2013, we are announcing a 10% rebate to all customers. We believe that our commitment to long term price reductions confirms Swift as the preferred partner for financial messaging worldwide”.

“This rebate, together with the structural price reductions already announced for 2014, is part of the multi-year strategy set out by Swift in 2010 to reduce message prices by half by 2015. We are on target to achieve this goal” said Francis Vanbever, CFO, Swift.

Highlights of the main pricing actions in 2013-2014 include an average 20% price reduction for FIN messages, generating EUR 52 million in savings to customers in 2014; upgraded Hardware Security Modules are being provided with substantial discounts, to all Swift customers; increased discounts for high volume bilateral links; a fixed fee program for large users will continue to offer substantial discounts; reductions of up to 40% for the transmission of very large files.

Full-year 2013 FIN traffic growth is above 10%. Swift recorded its latest traffic peak on 20 December 2013, when it processed 22.68 million FIN messages. Full-year 2013 growth for FileAct stands at 49% and InterAct is at 17%.

The 2014 Pricing Plan, announced on September 16, 2013, 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% on average and will result in EUR 52 million in savings for all users. It is part of a strategy set out by Swift in 2010 to reduce its message prices by half by 2015.

FIN is the major financial message type for Swift members worldwide. Swift processes more than five billion FIN interbank messages each year.

Hardware Security Modules (HSM) are a component of the Swift network security and are installed at member premises. Swift is upgrading and replacing HSMs free-of-charge or with substantial discounts for all members.

File Act is an automated messaging service that Swift has designed to enable customers to exchange files. FileAct supports both interactive and store-and-forward modes. It is particularly suited for exchanging large volumes of data.

InterAct is a messaging service that enables the interactive (real-time) and store-and-forward exchange of messages between parties. InterAct is particularly suited for mission-critical and time-critical applications.

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