SWIFT cuts prices to stay competitive

SWIFT cuts the cost of high-volume reporting message types - competitive pricing or a sweetener for banks?

High demand for intraday reporting within the financial services industry has created economies of scale for SWIFT Society for Worldwide Interbank Funds Transfer, resulting in a price cut for reporting messages. The demand has been generated by increases in automation and straight through processing in the transaction chain.

SWIFT will reduce prices in proportion to the volume of reporting activity that SWIFT customers, some 7000 financial institutions around the world, undertake through SWIFT. The average reduction financial institutions can expect is 22.5% for reporting messages. The price for domestic and intra-institution traffic can fall as low as 7.5 euro cents $0.07 per message.

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