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Will Banks Pass On Messaging Rebates and Fee Cuts?

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Will Banks Pass On Messaging Rebates and Fee Cuts?

by CFO Innovation Staff, 22 September 2011
topics:
Business Expense Management Finance and Banking
tags:
banking fees SWIFT
Thumbnail: 

CFOs and treasurers, now is a good time to hit your bank for discounted fees.

 
SWIFT, the financial messaging provider, has announced a 16% rebate on 2011 messaging usage – on top of a 20% cut in fees on its core FIN messaging service earlier this year. More than 9,700 of the world’s financial institutions use SWIFT to send transaction and other confidential messages to each other and their clients.
 
SWIFT will be returning some €52 million to the banks in addition to the estimated €70 million in annual savings from the reduced fees.
 
”We are committed to reducing the cost of SWIFT to our customers as part of the SWIFT2015 strategy – this is an excellent example of our strategy in action,” said CEO Lázaro Campos.
 
Added , Yawar Shah, Chairman of the SWIFT Board and Managing Director, Citi: “The 16% rebate on top of the 20% structural price reduction demonstrate that continued efficiencies at SWIFT directly benefit its customers.”
 
He is talking about banks. Whether the rebate and reduced fees are being passed on to corporates is a separate issue – and one that corporate finance executives will need to bring up with their banks themselves.
Orignal Author: 
CFO Innovation Staff
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