SWIFT, the bank-owned co-operative supplying messaging systems to financial institutions, plans to increase its rebate to clients for the first half of this year to 20 per cent from 10, after achieving record business.
SWIFT, short for Society for Worldwide Interbank Financial Telecommunications, said the rebate applied to all traffic on FIN, its core messaging service.
It said the rebate for the second half of this year would still be 10 per cent, although the board would review this in December.
Chief executive Leonard Schrank said the rebate in the first half represented a total saving of about US$28 million.
'Message volume grew a record 16 per cent during the first five months of this year and we are continuing to contain costs,' Mr Schrank said.
'Our financial performance so far this year has made this additional rebate possible. Based on anticipated trends, we hope to return more to customers at the end of 1995.' He said the SWIFT network's record for this year now stood at 2.68 million messages on a single day.
