Swift, the provider of financial messaging services, is reducing the price of messages on its core FIN service by an average of 20 per cent.

This will represent an estimated saving of EUR70m for Swift customers in 2011.

The new pricing plan takes effect on 1 January 2011.
 
“We have delivered the reduction by focusing on increased efficiencies and rigorous cost controls at Swift despite the tough global economic environment and the decreased volume growth,” says Lázaro Campos, chief executive officer, Swift. “Consistent with our strategy for the next five years – Swift2015 – we are committed to further decreasing the price of our messaging services in the future, while continuing to invest in the security and reliability of our platform.”
 
The new pricing plan reflects the guiding principles of Swift’s pricing policy, which aims to encourage traffic growth, increase market share, and respond to market conditions and competitive threats. Additionally, the policy aims to reward both large and small volume users and offer choice to customers.
 
The reduction applies to all types of FIN traffic and Swift is also extending the optional fixed fee programme to a broader group of customers. The fixed fee option offers customers opportunities for savings as well as cost predictability.
 
Year-to-date average FIN traffic growth is above seven per cent. Swift recorded its latest traffic peak on 11 May 2010, when it processed 18.36 million FIN messages.