Business & Money | Wednesday 6 January, 2016 5:22 pm |

SWIFT announces a 10 percent rebate on 2015 messaging fees, returning approximately EUR32 million to SWIFT users around the world. The rebate will be paid in March 2016.

“This year’s rebate is a reflection of SWIFT’s continued commitment to the global banking community,” said SWIFT Chairman Yawar Shah. “In addition to the 10 percent rebate, SWIFT users will also realise additional cost savings over the next five years in the form of new structural price reductions. It is through these strategic pricing programmes that SWIFT continues to reduce costs for users and return the benefits of its economies of scale.” 

“The 10 percent rebate comes on top of     the 2015 discount for high volume connections, which we estimate to have totalled EUR30 million,” added Francis Vanbever, CFO at SWIFT. “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 5-year period reached 57 percent.”

In 2015, SWIFT increased its FIN traffic by 8.4 percent, ending the year with a new high of 6.1 billion messages. During the year, InterAct traffic grew by 27.3 percent and FileAct by 3.7 percent.