SWIFT announced today that its board approved new price reductions worth MEUR 8 for the remainder of 2007.
This new initiative, made possible by record traffic growth, benefits all segments of the SWIFT community. It includes a 4 percent reduction on FIN messaging to build on the 6.4 percent reduction introduced in January, as well as the cancellation of entry and other administration fees to lower costs for new and existing customers.
The following price reductions will take effect from 1 July:
SWIFTNet FIN non-reporting: reduction of domestic and intra-institution prices ranging from 4 percent to 12 percent.
SWIFTNet FIN reporting: prices for international traffic are aligned with domestic and intra-institution traffic fees, complemented by an overall reduction of 5 percent.
Messaging discount for high volume users: a new discount on messaging fees ranging from 10 percent to 25 percent for institutions reaching annual messaging thresholds above MEUR 20.
One-time entry fees to SWIFT are cancelled.
Market Infrastructure and Member-Administer Closed User Group annual administration fees are removed.
“Overall this will result in MEUR 8 in savings for our community for the second half of 2007,” says Francis Vanbever, CFO of SWIFT. “This demonstrates SWIFT’s commitment to continuous price reductions. Since July 2006, message prices have decreased by 19 percent. We recognise the importance of lowering barriers to entry and reducing pricing to maintain our competitive position.”