SWIFT announces 15% rebate on 2010 messaging

Sibos, Amsterdam - 27 October 2010

Rebate follows September's announcement of 20% FIN message price reduction

SWIFT, the financial messaging provider for more than 9,500 financial institutions and corporations in 209 countries, announced today a rebate of 15 percent on 2010 messaging usage. This is in addition to the 20 percent average FIN price reduction announced to be introduced in 2011, announced in September.

This is SWIFT's first rebate since 2008. The new rebate will return approximately EUR 50 million to SWIFT users and will be paid in January, 2011.

Addressing the SWIFT community at Sibos, the annual conference and exhibition organized by SWIFT, Yawar Shah, Chairman of the SWIFT Board and Managing Director, Citi, said: "The 15% rebate and 20% price reduction represent the biggest single savings package ever given to the SWIFT community. These savings demonstrate that 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 rebate and the previously announced price reductions represent combined savings of EUR 120 million to our community – this is an excellent example of our strategy in action.”

Sibos 2010 has attracted over 8,700 delegates, making it the biggest in SWIFT’s history. This year’s Sibos conference is being held in Amsterdam and runs until Friday, 29 October.

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