SWIFT has announced a 10 per cent rebate on 2015 messaging fees, returning approximately €32 million ($34.7 million) to SWIFT users around the world. 

 

The rebate will be paid in March, said a statement.

 

Yawar Shah, chairman, said: “This year’s rebate is a reflection of SWIFT’s continued commitment to the global banking community.

 

“In addition to the 10 per cent 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.”

 

Francis Vanbever, chief financial officer, said: “The 10 per cent rebate comes on top of ​the 2015 discount for high volume connections, which we estimate to have totalled €30 million.

 

“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 per cent.”

 

In 2015, SWIFT increased its FIN traffic by 8.4 per cent, ending the year with a new high of 6.1 billion messages. During the year, InterAct traffic grew 27.3 per cent and FileAct 3.7 per cent, the statement added. - TradeArabia News Service