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SWIFT announces 2013 rebate of EUR 33 million

SWIFT have announced a 10% rebate on 2013 messaging fees, which will return approximately EUR 33 million to SWIFT users worldwide. The rebate will be paid in March 2014.

“Through a combination of innovative operational efficiencies and robust volume growth,” says SWIFT CEO Gottfried Leibbrandt, “SWIFT continues to pass on savings to users in the form of substantial structural price reductions. In addition, for 2013, we are announcing a 10% rebate to all customers. We believe that our commitment to long term price reductions confirms SWIFT as the preferred partner for financial messaging worldwide”.

“This rebate, together with the structural price reductions already announced for 2014, is part of the multi-year strategy set out by SWIFT in 2010 to reduce message prices by half by 2015. We are on target to achieve this goal” adds Francis Vanbever, CFO, SWIFT.

Highlights of the main pricing actions in 2013-2014 include:

  • average 20% price reduction for FIN messages, generating EUR 52 million in savings to customers in 2014.
  • upgraded Hardware Security Modules are being provided with substantial discounts, to all SWIFT customers.
  • increased discounts for high volume bilateral links.
  • a Fixed Fee programme for large users will continue to offer substantial discounts.
  • reductions of up to 40% for the transmission of very large files.

Charges for international payments should be decreasing as SWIFT reduces its fees and new technology infrastructures are being used, e.g. Earthport’s strategic alliance with BofA Merrill, bear fruit. However, banks are being hit with more new regulation and compliance requirements….. don’t expect much in the way of reductions.

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This item appears in the following sections:
SWIFT Corporate Connectivity
International Bill Payments
International Payments