Last week at Sibos SWIFT said that customers would receive a rebate for the fifth year running in addition to previously announced price reductions. The 2006 rebate will be at least 5 percent amounting to € 20 million in total and, for the first time, will apply to all messaging services: FIN, FileAct and InterAct.
SWIFT will have rebated € 116 million in total and reduced overall messaging prices by 50 percent for the 2002-2006 period.
“Strong 13.4 percent traffic growth year-to-date and a two-year programme to reduce expenses structurally by 10 percent have enabled us to decrease messaging prices significantly,” says Francis Vanbever, the Chief Financial Officer at SWIFT. “The rebate is on top of price reductions introduced in 2005 and 2006 that bring a recurring annual savings in excess of € 60 million to the SWIFT community. We are confident that strategic investments for our SWIFT2010 initiatives and continued price reductions will strengthen our competitive edge and bring greater value to the SWIFT community.”