Swift has cut prices again.

The bank messaging cooperative, formally the Society for Worldwide Interbank Financial Telecommunication, cut the core transaction fee its members pay by 20%, to 20 cents.

The cut, announced last week at Swift's annual conference, will save the 5,900 members about $40 million a year, the Brussels-based network said.

Swift is used in interbank and corporate payments and securities trading. It serves financial institutions in 159 countries and carries messages valued at roughly $2 trillion daily.

The fee reduction is a result of "strong message traffic growth, particularly in securities and foreign exchange," said Leonard Schrank, chief executive officer.

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