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The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

SWIFT Announces 16% Rebate on 2011 Messaging

SWIFT, the financial messaging provider for more than 9,700 financial institutions and corporations in 209 countries, announced today a rebate of 16 percent on 2011 messaging usage.

The new rebate will return approximately EUR 52 million to SWIFT users and will be paid in January 2012.

This rebate comes in addition to a 20 percent price reduction on FIN messaging introduced on 1 January 2011, one of the biggest price reductions ever given to the SWIFT community, amounting to annual recurring savings of EUR 70 million. These price reductions have been made possible thanks to the major cost restructuring programme initiated in 2009 and continued focus on cost management.

Addressing the SWIFT community at Sibos, the annual conference and exhibition organised by SWIFT, Yawar Shah, Chairman of the SWIFT Board and Managing Director, Citi, said: “The 16% rebate on top of the 20% structural price reduction demonstrate that continued efficiencies at SWIFT directly benefit its customers.”

Lázaro Campos, Chief Executive Officer, SWIFT said: “We are committed to reducing the cost of SWIFT to our customers as part of the SWIFT2015 strategy – this is an excellent example of our strategy in action.”

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