BRUSSELS The Society for Worldwide Interbank Financial Telecommunication has announced reductions averaging 22.5% in charges for several of its reporting messages.
The reductions affect high-volume messages, such as problem or settlement status notices, transactions or pending transactions statements, and balance and interim transaction reports.
Swift said Monday that automation and more straight-through processing have increased demand for same-day reporting. The average Swift message charge has dropped 60% in the past seven years.
Traffic on the Swift network grew from an average of just under three million messages a day in 1995 to more than five million in 2000.
