SWIFT Reaches Goal of 50% Price Reduction One Year Early

SWIFT has reached a 50% reduction in messaging prices a year ahead of its five-year plan set in 2010 to reduce these prices by 30-50%.

The 2010 price reduction plan was the third strategic cycle of substantial price reductions by SWIFT, as the two previous pricing plans resulted in a 50% decrease over the five-year life of each, as planned.

“Strong traffic growth and rigorous cost controls have allowed us to deliver early on the pricing pledge we set back in 2010,” says Gottfried Leibbrandt, CEO at SWIFT. “Not only have we delivered at the high-end of our commitment early, but through this initiative we have been able to pass on savings to our customers in the form of this long-term, structural price reduction.”

Going forward, SWIFT will implement a new pricing strategy for the next five years, SWIFT2020.

“We anticipate that SWIFT will continue on its price reduction path, but the new pricing strategy will depend on investment plans and priorities,” says Francis Vanbever, CFO at SWIFT. “In the meantime, targeted pricing actions to meet specific competitive situations will be considered as opportunities arise.”

“Even though we met our pricing objective for SWIFT2015 early, our customers will continue to benefit from the discount mechanisms we have in place for fixed fee and high volume bilateral connections,” adds Vanbever. “We fully expect this program to have a positive impact in 2015 for the community as a whole.”