The global financial cooperative Swift announced last week that it would reduce its prices starting July 1, the second set of cuts this year.
Swift, the Society for Worldwide Interbank Financial Telecommunication, said the cuts would save its members more than $10 million in the second half of the year.
The cuts include a 4% reduction the group's core FIN messaging interface, for store-and-forward structured messages, in addition to the 6.4% reduction introduced in January.
The group also eliminated one-time entry fees to Swift and annual administration fees to member administered-closed user groups, which connect corporate customers to their banks over SwiftNet, and it introduced a new discount, ranging from 10% to 25% for high-volume users, on messaging fees.
Francis Vanbever, Swift's chief financial officer, said the organization has cut its message prices by 19% since July 2006.
